Eva is 29 years old and has 2 children, ages 3 and 5. She makes $48,500 a year. Eva decides to buy a $400,000 10-year term policy and then renew the policy for another ten years afterwards. To renew the policy the insurance company charges an extra 40% to her premium rate. Given the options below, assess whether Eva made a wise decision.

Question

24-08-2022
Mathematics

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Eva is 29 years old and has 2 children, ages 3 and 5. She makes $48,500 a year. Eva decides to buy a $400,000 10-year term policy and then renew the policy for another ten years afterwards. To renew the policy the insurance company charges an extra 40% to her premium rate. Given the options below, assess whether Eva made a wise decision.

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2022-08-27T04:27:43+02:00

If to renew the policy the insurance company charges an extra 40% to her premium rate: b. Even with the extra charge for renewal, Eva’s plan is the least expensive.

What is premium rate?

Premium rate can be defined as the additional money a person pay instalmentally for an insurance policy.

Based on the given scenario Eva plan is the least expensive plan due to the fact that despite the insurance company charge her the additional 40% to her premium rate before they can renew her insurance policy, her plan will be the least expensive plan which inturn means that she can often renew the plan because it will cost her less.

Therefore If to renew the policy the insurance company charges an extra 40% to her premium rate: b. Even with the extra charge for renewal, Eva’s plan is the least expensive.

The missing option are:

a.Eva would have been better off selecting the 20-year term policy.

b.Even with the extra charge for renewal, Eva’s plan is the least expensive.

c.Given that Eva plans to renew, she should have selected the whole life policy.

d.Eva ends up paying the same amount for each policy.

Learn more about premium rate here:https://brainly.com/question/16845751

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