Because Bernard has some health issues, he must pay 15% more for life insurance. About how much more annually will a $115,000 10-year term insurance at age 35 cost Bernard than someone of the same age without health issues?
To calculate the additional cost for Bernard's life insurance due to his health issues, we first need to find out how much the insurance would cost without the health issues.
The cost for a $115,000 10-year term insurance at age 35 without health issues can vary depending on the insurance provider and other factors. However, for the purposes of this calculation, let's assume that the cost without health issues is $1000 per year.
To find out how much more Bernard would pay due to his health issues, we need to calculate 15% of $1000, which is 0.15 * $1000 = $150.
Therefore, Bernard would pay an additional $150 annually for his life insurance compared to someone of the same age without health issues.
To calculate the additional cost for Bernard's life insurance due to his health issues, we need to find 15% of the annual premium for a person of the same age without health issues.
1. Calculate the annual premium for someone without health issues:
$115,000 * 0.0035 = $402.50 (multiplied by 0.0035, assuming a standard premium rate)
2. Calculate the additional cost for Bernard's insurance:
$402.50 * 0.15 = $60.38 (15% of $402.50)
Therefore, Bernard will have to pay approximately $60.38 more annually for his life insurance compared to someone of the same age without health issues.