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Jacob wants to buy a $500,000 15-year term life policy, and the annual premium rate (per $1000 of face value for his age group is $6.78. if jacob lives until the end of the term of his policy, how much will jacob have paid in premiums overall?

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anitadiiaazz
I just took this test the answer is $50,850 
anthougo

The amount that Jacob will have paid in premiums at the end of the policy term is $50,850 with an annual premium of $3,390.

Data and Calculations:

Policy coverage = $500,000

Life term = 15 years

Applicable annual premium rate per $1,000 = $6.67

Insurance premium for the policy term = $50,850 ($6.67 x $500,000/$1,000 x 15)

Thus, the amount that Jacob will have paid in premiums at the end of the policy term is $50,850 with an annual premium of $3,390.

Learn more about annual premiums at https://brainly.com/question/25280754

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