Question

Nikos, a 39-year old male, bought a 300,000, 20-year life insurance policy.

Answer 1

The total amount he will pay for 20 years of coverage is $61,980. Option D

How to determine the total amount

To find the total amount, we use the expression

First, we multiply the value per $1,000.00 by the number of thousands of face value coverage. This gives an estimate of the annual premium for  life insurance policy.

Nikos's premium per year = $\frac{300000}{1000} * 10. 33$

Niko's premium per year = $300 * 10. 33$

Niko's premium per year = $3, 099

To find the total amount, we need to multiply by the number of years

=  $3,099 x 20

= $61,980

Thus, the total amount he will pay for 20 years of coverage is $61,980. Option D

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