Using the premium schedules provided in Exhibit $8\mathrm{.}2,$ Exhibit $8\mathrm{.}3,$ and Exhibit $8\mathrm{.}5,$ how much in annual premium would a $25-$year$-$old male have to pay for $$100,000$ of annual renewable term, level premium term, and whole life insurance? $($Assume a $15-$year term or period of coverage.$)$ How much would a $25-$year$-$old woman have to pay for the same coverage? $($Hint: Use the average of the first and the last years' premiums in your calculations for the annual renewable term life insurance.$)$ Round your answers to the nearest dollar.

Annual Renewable Term Level$-$Premium Term Whole Life

Male $

$

$

Female $

$

$

Consider a $40-$year$-$old male $($or female$)$: Using annual premiums, compute the total cost of $15$ years of coverage under annual renewable and level premium term options and whole life insurance coverage. $($Hint: Use the average of the first and the last years' premiums in your calculations for the annual renewable term life insurance.$)$ Round your answers to the nearest dollar.

Annual Renewable Term Level$-$Premium Term Whole Life

Male $

$

$

Female $

$

$

Relate the advantages and disadvantages of each policy type to their price differences.

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