When Flynn was 43 years old, he bought a $500,000 20-year term life insurance policy with an annual premium of $470. Ten years later when he died, the insurance company discovered that his gender had been entered as female when the policy was issued. The annual premiums he had paid were lower than it should have been as premiums for a 43-year-old male would have been $510. Ignoring any annual policy fees included in the premium, how much death benefit will the beneficiary receive?

Answer rating: 100% (QA)

The death benefit payable to the beneficiary will be based on the face value of the policy which is ... View the full answer