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What is the annual premium for $75,000, 10 year life insurance policy for a 40 year old male (Put answer to two decimal places)?
Life Insurance Chart
Age at Issue Term Insurance
Male Fem 10 year 20 year Straight Life
20 23 $2.50 $3.80 $12.67
25 28 $3.25 $5.84 $15.66
30 33 $3.82 $7.93 $18.98
35 38 $4.55 $10.33 $22.38
40 43 $5.78 $13.38 $28.77
45 48 $7.53 $17.56 $31.90

Sagot :

RevyBreeze

Answer:

About $437.25

Step-by-step explanation:

Using the table which gives the annual premium per $1000; the premium paid annually by the 40 year old male is $437.23

The total annual premium = $75000

Using the data in the table :

Annual premium per $1000 of coverage for a 40-year old male with a 10 - years life insurance policy = $5.83

The annual premium for $75,000 ;

Premium per $1000 × ($75000/$1000)

Annual premium = $5.83 × ($75,000/1000)

Annual premium = $5.83 × 75 = $437.25

Hence, the annual premium for the lifetime insurance based on the stated conditions is $437.25

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