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You have been quoted a premium of $1200 per year for $1,000,000 in level-premium term life insurance ...

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You have been quoted a premium of $1200 per year for $1,000,000 in level-premium term life insurance ...

You have been quoted a premium of $1200 per year for $1,000,000 in level-premium term life insurance for 20 years and a premium of $5325 per year for a permanent life insurance policy with an equivalent face value. If the insurer's rate of return is 5% APY, at what point will the permanent policy generate enough cash value to pay the premiums?

▸ 16.4 years

▸ 14.2 years

▸ 17.0 years

▸ 13.7 years

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Personal Finance

Edition: 2^nd

Author: Bajtelsmit

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