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Question

# Sam and Kolleen Hastings have two children. Sam was 30 years old when he first purchased a $125,000, 5-year term life insurance policy. He will be 35 years old this year. What is the percent increase in the premium? a. What will his annual premium be if he increases the policy to$200,000 ? b. What is his monthly premium? c. What total amount did he pay during the previous 5-year term? d. What total amount will he pay for the next 5-year term?

Solution

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Step 1
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Age 30: $2.47 Age 35:$2.70

The annual premium per \$1,000 can be found in figure 11.2 on page 379; look in the row containing 30/35 and in the column containing male.

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