Maria, age 28, wants to pay no more than $300 a year in life insurance. What is the face value of the largest 20-year term policy she can buy without spending more than $300 annually? Annual life insurance premium (per 1,000 dollars of face value) for age 28. A 10-year term for female is 1. 28, 15 year term for female is 1. 54, 20 year term for female is 1. 89, and whole life for female is 9. 46. A. $234,000 b. $158,000 c. $11,000 d. $567,000 Please select the best answer from the choices provided A B C D.

The face value of the largest 20-year term policy that Maria, age 28, can buy without spending more than $300 premium annually is b. $158,000.

Data and Calculations:

Expected annual premium payable = $300

Term period = 20 years

Annual life insurance premium (per 1,000 dollars of face value) for age 28 are as follows:

A 10-year term for female is 1.28,

15 year term for female is 1.54

20 year term for female is 1.89

Whole life for female is 9. 46

Annual Premium = Premium Rate/$1,000 x Face Value

Face Value = Annual Premium/Premium Rate x $1,000

Face Value = $158,730 ($300/$1.89 x $1,000)

Thus, the face value of the largest 20-year term policy that Maria, age 28, can buy without spending more than $300 premium annually is b. $158,000.

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