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What is the net cost of your insurance for the given period

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1. Suppose that yours is a typical family. Your annual income is $60,000. Use the easy method to determine your need for life insurance.

2. Using the "nonworking" spouse method, what should be the life insurance needs for a family whose youngest child is two years old?

3. Suppose your annual premium for a $20,000, 20-year limited-payment policy is $420 over the 20-year period. The cash value of your policy at the end of 20 years is $9,200. Assume that you could have invested the annual premium in a mutual fund yielding seven percent annually. What is the net cost of your insurance for the 20-year period?

Reference no: EM131094045

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