LIFE INSURANCE

There are many different types of life insurance policies you can get. Term, Group Insurance, Whole Life, Limited Pay Life, and Endowment Insurance are some examples. Research these types of policies and any others that you can find and determine which policies would be best for a 20 year old, 40 year old, and a 60 year old.

Determine the advantages to these policies and why a person at each of these ages would want to buy this policy. You can present this project from the perspective of each of the consumers stating why you would want to buy these policies or from the perspective of an insurance salesman who wants to sell these policies to these people.

With the policies you choose for each of these people, find out their annual premiums and calculate what their payments would be if they wanted to pay semi-annually, Quarterly, or monthly. Use the following formulas to find their payments:

Semi-Annual - Annual Premium x 0.52
Quarterly Premium - Annual Premium x 0.265
Monthly Premium - 1/3 of Quarterly Premium

With each person, also calculate with their payments, what amount of money they will be entitled to when they die of natural causes?

Submit a good copy of your calculations and copies of the research into the policies.

Project Ideas