Alex is a 52-year-old male who wants a 20-year term life insurance policy to pay $180,000 at the end of the term. He is unsure about paying semi-annually or annually. Analyze the difference between the two and explain the advantages of each payment plan. Show all calculations and answer in complete sentences.
20-YEAR TERM LIFE INSURANCE
FEMALE 18-27 28-32 33-37 38-42 43-47 48-52 53-58
MALE 18-24 25-29 30-34 35-39 40-44 45-49 50-55
Annual cost per $1,000 of coverage $19.47 $22.36 $52.42 $29.09 $33.45 $38.63 $5.24