Americans in their twenties are the future of our nation, and in addition to building their careers and starting families, some millennials have come to understand the importance of life insurance. Term life insurance is an invaluable tool to protect the financial future of loved ones in the case of an emergency
As such, 24-year-olds—many of whom are likely to already have a mortgage, a car loan, and other monetary obligations—need to understand the what kind of term life insurance is available and how much it costs. In this article, we'll explore how much term life insurance for 24-year-olds is in order to ensure that you are getting the best coverage for your money.
Burial Insurance
20-Year Term Life Insurance Cost (Men; Age 24)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 24 | Men | No | 20 Years | $25,000 | Mutual of Omaha | $9 |
| 24 | Men | No | 20 Years | $50,000 | Mutual of Omaha | $12 |
| 24 | Men | No | 20 Years | $100,000 | Prosperity Life | $18 |
| 24 | Men | No | 20 Years | $250,000 | Prosperity Life | $35 |
The table shows 20-year term life insurance cost for men aged 24 who are non-smokers. Mutual of Omaha offers a rate of $9 monthly for a $25,000 coverage and $12 monthly for a $50,000 coverage
Prosperity Life offers a rate of $18 monthly for a $100,000 coverage and $35 monthly for a $250,000 coverage.
30-Year Term Life Rates (Male; Age 24)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 24 | Men | No | 30 Years | $25,000 | Mutual of Omaha | $10 |
| 24 | Men | No | 30 Years | $50,000 | Mutual of Omaha | $14 |
| 24 | Men | No | 30 Years | $100,000 | Prosperity Life | $22 |
| 24 | Men | No | 30 Years | $250,000 | Prosperity Life | $44 |
The table above displays the monthly rates for 30-year term life insurance policies for a 24-year-old male who does not smoke. It shows the coverage amounts of $25,000, $50,000, $100,000 and $250,000
The rates are offered by Mutual of Omaha and Prosperity Life. For a $25,000 coverage, Mutual of Omaha's rate is $10 per month, while Prosperity Life's rate is $22 per month. For a $50,000 coverage, Mutual of Omaha's rate is $14 per month, while Prosperity Life's rate is $44 per month
For a $100,000 coverage, Mutual of Omaha does not provide a policy and Prosperity Life's rate is $22 per month. For a $250,000 coverage, Prosperity Life's rate is $44 per month.
20-Year Life Insurance Pricing (Male Tobacco; Age 24)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 24 | Men | Yes | 20 Years | $25,000 | Mutual of Omaha | $13 |
| 24 | Men | Yes | 20 Years | $50,000 | Foresters | $18 |
| 24 | Men | Yes | 20 Years | $100,000 | Americo | $30 |
| 24 | Men | Yes | 20 Years | $250,000 | Americo | $63 |
The table above shows the 20-year life insurance pricing for a male age 24 who identifies as a tobacco user. Mutual of Omaha provides a $25,000 coverage with a monthly rate of $13, Foresters offers a $50,000 coverage with a monthly rate of $18, and Americo provides a $100,000 and a $250,000 coverage with respective monthly rates of $30 and $63.
Burial Insurance
30-Year Term Rates (Male Smokers; Age 24)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 24 | Men | Yes | 30 Years | $25,000 | Mutual of Omaha | $14 |
| 24 | Men | Yes | 30 Years | $50,000 | Foresters | $22 |
| 24 | Men | Yes | 30 Years | $100,000 | Americo | $37 |
| 24 | Men | Yes | 30 Years | $250,000 | Americo | $81 |
The table above displays the monthly rates for 30-year terms for different coverages from three different life insurance companies for a 24-year-old male smoker. Mutual of Omaha offers $25,000 of coverage for $14 per month, Foresters offers $50,000 for $22 per month, Americo offers $100,000 for $37 per month, and Americo offers $250,000 of coverage for $81 per month.
20-Year Term Premiums (Women; Age 24)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 24 | Women | No | 20 Years | $25,000 | Mutual of Omaha | $9 |
| 24 | Women | No | 20 Years | $50,000 | Prosperity Life | $11 |
| 24 | Women | No | 20 Years | $100,000 | Prosperity Life | $16 |
| 24 | Women | No | 20 Years | $250,000 | Prosperity Life | $29 |
The table above shows the 20-Year Term Premiums for female customers aged 24 who are non-smokers. The coverage amounts available range from $25,000 to $250,000, with a monthly rate of $9-29 depending on the coverage amount and the company chosen
The two companies listed are Mutual of Omaha and Prosperity Life.
30-Year Term Policies (Women; Age 24)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 24 | Women | No | 30 Years | $25,000 | Mutual of Omaha | $9 |
| 24 | Women | No | 30 Years | $50,000 | Prosperity Life | $13 |
| 24 | Women | No | 30 Years | $100,000 | Prosperity Life | $18 |
| 24 | Women | No | 30 Years | $250,000 | Prosperity Life | $35 |
This table looks at the different insurance policies available for a 24-year-old woman who is a non-smoker looking to take out a 30-year term life insurance policy. The coverage amounts range from $25,000 to $250,000 and the rates payments range from $9 to $35 per month
Mutual of Omaha offers a $25,000 coverage, with a monthly rate of $9, while Prosperity Life offers policies for $50,000, $100,000 and $250,000 coverage, with rates of $13, $18, and $35 per month respectively.
20-Year Term Monthly Premiums (Women Smokers; Age 24)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 24 | Women | Yes | 20 Years | $25,000 | Mutual of Omaha | $12 |
| 24 | Women | Yes | 20 Years | $50,000 | Foresters | $15 |
| 24 | Women | Yes | 20 Years | $100,000 | Foresters | $25 |
| 24 | Women | Yes | 20 Years | $250,000 | Foresters | $54 |
The table above shows the monthly premiums for 20-year term life insurance coverage for female smokers aged 24. Mutual of Omaha offers a $25,000 policy for $12 per month, and Foresters offers policies for $50,000, $100,000 and $250,000 for $15, $25 and $54 per month respectively.
Burial Insurance
30-Year Term Insurance Quotes (Female Smokers; Age 24)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 24 | Women | Yes | 30 Years | $25,000 | Mutual of Omaha | $13 |
| 24 | Women | Yes | 30 Years | $50,000 | Foresters | $18 |
| 24 | Women | Yes | 30 Years | $100,000 | Foresters | $32 |
| 24 | Women | Yes | 30 Years | $250,000 | American Amicable | $71 |
This table shows a comparison of 30-year term life insurance quotes for female smokers of age 24. It includes quotes from Mutual of Omaha, Foresters, and American Amicable for coverage amounts of $25,000, $50,000, $100,000, and $250,000, respectively
The monthly rate for Mutual of Omaha is $13, for $50,000 coverage from Foresters it is $18, for $100,000 coverage from Foresters it is $32, and for $250,000 coverage from American Amicable it is $71.
