Question

Jacob wants to buy a $500,000 15-year term life policy, and the annual premium rate (per $1000 of face value) for his age group is $6.78. if jacob lives until the end of the term of his policy, how much will jacob have paid in premiums overall? a. $101,700 b. $3,390 c. $50,850 d. $73,746

Answer 1

If Jacob lives until the end of the term of his policy, the total amount he would have paid in premiums overall is $50,850.

How much would he have paid in premiums?

Total premium payment = (face value / average premium rate) x number of years x premium

($500,000 / 1000) x $6.78 x 15 = $50,850

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