Question

Because bernard has some health issues, he must pay 15% more for life insurance. about how much more annually will a $115,000 10-year term insurance at age 35 cost bernard than someone of the same age without health issues? a 3-column table with 3 rows. column 1 is labeled age with entries 35, 40, 45. column 2 is labeled 10-year term, male, with entries 1.40, 1.64, 2.07. column 3 is labeled 10-year term, female, with entries 1.36, 1.59, 2.01. a. $161 b. $185 c. $1,073 d. $24

Answer 1

The amount more annually a $115,000 10-year term insurance at age 35 cost Bernard than someone of the same age without health issues is $24.

What are insurance premiums?

The insurance premium is paid as a cost to cover a possible loss that is unseen.

The annual premium rate as a percentage of the value insured a person at age 35 has to pay is 0.14%.

From the given information, we have that the amount a 35-year-old without health issues will pay per $1,000 is $1.40

The amount to be paid for $115,000 is 115 × $1.4 = $161

The amount Bernard pays = 15% more

= 1.15 × $161

= $185.15

Therefore,

The amount more Bernard has to pay = $185.15 - $161

= $24.15 ≈ $24

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