2. (10 points Life Insurance Selection): Given Steve and Charlene's life insurance needs based on problem 1 and the following table, what would the cost of that life insurance be based on the following table for the four options given: a. 10-year term: b. 25-year term: c. 30-year term: d. Universal Life: If the maximum amount of life insurance should cost no more than 5% of Steve's and Charlene's annual income, what is your recommendation and why? Age Term* (10 year) Term* (25 year) $0.25 $0.52 0.25 0.56 0.26 0.65 0.31 0.96 45 0.51 1.52 50 0.83 N/A 55 1.40 N/A 60 2.39 N/A 65 4.08 N/A Price is per $1,000 of coverage For very healthy non-tobacco using male insured Female rates are the male rate up to age 50 then same rate Term* (30 year) $0.60 0.64 0.72 1.04 1.68 N/A N/A N/A N/A Universal Life $2.31 2.92 3.77 4.74 5.99 7.45 9.05 11.74 15.40 2. (10 points Life Insurance Selection): Given Steve and Charlene's life insurance needs based on problem 1 and the following table, what would the cost of that life insurance be based on the following table for the four options given: a. 10-year term: b. 25-year term: c. 30-year term: d. Universal Life: If the maximum amount of life insurance should cost no more than 5% of Steve's and Charlene's annual income, what is your recommendation and why? Age Term* (10 year) Term* (25 year) $0.25 $0.52 0.25 0.56 0.26 0.65 0.31 0.96 45 0.51 1.52 50 0.83 N/A 55 1.40 N/A 60 2.39 N/A 65 4.08 N/A Price is per $1,000 of coverage For very healthy non-tobacco using male insured Female rates are the male rate up to age 50 then same rate Term* (30 year) $0.60 0.64 0.72 1.04 1.68 N/A N/A N/A N/A Universal Life $2.31 2.92 3.77 4.74 5.99 7.45 9.05 11.74 15.40