How much is the life insurance premium for a 30-year-old male, $320,000 straight life policy?
Annual Premium per $1000
| Age Male | Age Female | 10 Year | 20 Year | Straight Life |
|---|---|---|---|---|
| 25 | 28 | 3.25 | 5.84 | 15.66 |
| 30 | 33 | 3.82 | 7.93 | 18.98 |
| 35 | 38 | 4.55 | 10.33 | 22.38 |
Solution:
Given: Age of male = 30 years
Amount = $320,000
From the data given above, we get
The straight life policy given by $18.98 per $1,000
As the amount is $320,000 the life insurance is
= 320,000 × 18.98/1,000
= 320 × 18.98
= $6073.6
Therefore, the life insurance premium for a 30-year-old male is $6073.6
How much is the life insurance premium for a 30-year-old male, $320,000 straight life policy?
Summary:
The life insurance premium for a 30-year-old male, $320,000 straight life policy is $6073.6
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