After getting married, joe, 32, and melinda, 29, decide to take out life insurance policies. joe would like a 15-year term policy and melinda would like a 20-year term policy. they each want a $300,000 policy. how much can joe and melinda expect to pay in premiums the first year? for age 32, a male 15-year term policy is 3.32 and 20-year term is 5.45. for age 29, a female 15-year term is 2.58 and 20-year term is 4.96. a. $2,478 b. $2,484 c. $1,488 d. $2,409

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Martebi Martebi · Answer 1 · 2022-06-06T20:23:52+02:00

Based on above scenario of their ages and cost of insurance for their age and length of policy, the total premium is said to be $2,484.

Note that in the scenario given above;

Joe annual premium is said to be = Cost for 32 year old with 15 year policy x Policy amount / 1,000

So therefore, it will be = 3.32 x 300,000 / 1,000

= $996

That of Melinda annual premium = Cost for 29 year old with 20 year policy x Policy amount / 1,000

So therefore, it will be = 4.96 x 300,000 / 1,000

= $1,488

Therefore the Total annual premium = Joe premium + Melinda premium

= 996 + 1,488

= $2,484

Therefore, the total premium would be $2,484.

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