Bradley purchased a $200,000 whole life policy when he was 25. Now, 20 years later, he...
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Bradley purchased a $200,000 whole life policy when he was 25. Now, 20 years later, he wants to know what his nonforfeiture options are. Use the table below to answer the questions following. Nonforfeiture Options on Typical Life Insurance Policies Issued at Age 25, per $1000 of face value WHOLE LIFE 20PAYMENT LIFE YEARS Cash PaidUp Extended Term Cash PaidUp Extended IN Value Insurance. Value Insurance. Term FORCE Years Days Years 3 $9 8 19 190 $ 32 $94 5 31 87 200 74 218 10 93 248 91 187 507 15 162 387 300 319 768 32 20 251 535 137 470 1,000 Life 40 576 827 Life 701 Life Life What cash value does his policy have now? What amount of paidup insurance could he convert his policy to? What extended term could he keep his full policy value for without paying more premiums? If he had purchased a term policy, what nonforfeiture options does he have? 10882 22 Years 10 3855 19 28 Days 84 184 186 164 Sue purchases a $300,000 whole life policy. The annual premium rate is $23.99 per $1,000. Find her annual premium. If she lives for 30 years, find the total she paid in premiums over the 30 years. Mary purchases a $300,000 Limited Payment 20year policy. The rate is $35.80 per $1,000. Find Mary's annual premium. If Mary lived for 30 more years, find the total she paid in premiums for this policy. Bradley purchased a $200,000 whole life policy when he was 25. Now, 20 years later, he wants to know what his nonforfeiture options are. Use the table below to answer the questions following. Nonforfeiture Options on Typical Life Insurance Policies Issued at Age 25, per $1000 of face value WHOLE LIFE 20PAYMENT LIFE YEARS Cash PaidUp Extended Term Cash PaidUp Extended IN Value Insurance. Value Insurance. Term FORCE Years Days Years 3 $9 8 19 190 $ 32 $94 5 31 87 200 74 218 10 93 248 91 187 507 15 162 387 300 319 768 32 20 251 535 137 470 1,000 Life 40 576 827 Life 701 Life Life What cash value does his policy have now? What amount of paidup insurance could he convert his policy to? What extended term could he keep his full policy value for without paying more premiums? If he had purchased a term policy, what nonforfeiture options does he have? 10882 22 Years 10 3855 19 28 Days 84 184 186 164 Sue purchases a $300,000 whole life policy. The annual premium rate is $23.99 per $1,000. Find her annual premium. If she lives for 30 years, find the total she paid in premiums over the 30 years. Mary purchases a $300,000 Limited Payment 20year policy. The rate is $35.80 per $1,000. Find Mary's annual premium. If Mary lived for 30 more years, find the total she paid in premiums for this policy.
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What cash value does his policy value have For 1000 value for 20 years of Whole Life Policy Cash v... View the full answer
Related Book For
Economics
ISBN: 9780073375694
18th edition
Authors: Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn
Posted Date:
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