Mike was the policy owner and life insured of a 20-year term life insurance policy, with a $500,000 face value, on which he had named his spouse, Rachel, as the beneficiary. Unfortunately, Mike was consistently late in the payment of his premiums, usually paying them about 20 days after the annual September 1 due date. This year Mike missed the payment of $2,445 which was due September 1, but he remembered in mid-October. On October 15, Mike died instantly when he was struck by a street car on his way to mail the overdue premium to the insurance carrier. How much will Rachel receive from the insurance policy?

Question 26 options:

	$497,555
	$497,708
	$500,000
	Nothing