104 Life Insurance-Term and Other The main purpose of life insurance is to provide financial protection for your dependents in case of your death. You may purchase term life insurance, whole life insurance, limited payment life insurance, of endowment life insurance. ANNUAL PREMIUM - NUMBER OF UNITS PURCHASED X PREMIUM PER $1000 Use the tables below to answer the problems. ANNUAL PREMIUM PER $1000 OF LIFE INSURANCE: 5-YR TERM Age 18 20 25 30 35 45 55 65 Male $ 2.64 2.66 3.07 4.29 5.61 11.11 23.60 42.77 Female $ 2.25 2.27 2.39 3.85 4.95 10.65 22.01 35.42 ANNUAL PREMIUMS PER $1000 LIFE INSURANCE Age Term to Whole 20-Year 20-Year M F Ago 65 Life Payment Endowment 20 25 $ 7.01 $13.61 $25.16 $45.22 25 30 7.87 15.67 27.63 45.49 30 35 9.03 18.30 30.60 46.04 35 40 10.66 21.74 33.97 47.42 40 45 12.93 26.25 38.69 49.13 45 50 15.88 32.15 44.49 52.56 50 55 20.27 39.92 51.38 57 23 55 60 28.43 49.49 60.15 63.00 Complete the table below. Annual Premium Annual Premium per $1000 Insured 1. Ricardo Oro 2. Doris Stelnick 3. Marilyn Wilson 4. Perry Zamora 5. Paula Wyatt Type of Sex Age Insurance M 25 5-year term F 35 Whole life F 45 20-year endowment M 35 20-year payment F 55 Term to age 65 Number Coverage of Units $39.000 $25.000 $28.000 $40.000 $24,000 6. Calvin Moyer wants to purchase a $30,000 5-year term life insurance policy. He is 18 years old. What is his annual premium? 7. Alicia Bitman, age 30. plans to purchase a 550,000 life insurance policy. She is considering a whole life policy. What is her annual premium? 8. Ten years ago. you purchased a $70,000. 20-year payment life insurance policy. At that time, you were 30 years old. a. What is your annual premium? b. How much have you paid in the past 10 years? 6. How much will you pay in the 20 years? Ceorghe by diens Division 72 Unit 10