A male customer of 35 years old wants to purchase a two-year term life insurance policy from your insurance company Nova Life. Premium will be received at beginning of each year, and claim of $80,000 would be paid in the middle of the year if ever death occurs. With an annual interest rate of 6%, and using the Nova Scotia Life Table, what minimum premium will you charge on the policy?

Answer rating: 100% (QA)

If 80000 would be required after 6 months we have t... View the full answer