James Has Opted For A 20-payment Life Insurance Policy Of $200,000 James Is 42 Years Old What Is His Annual Premium?


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Connor Sephton Profile
Connor Sephton answered
This question can't be answered without additional information; after all, every insurance policy is different, and the variables at play will affect the total amount of James' annual premium on a life insurance policy of $200,000. James' age may factor into his premium cost; however, other factors, such as the type of insurance he's buying (life, health, automobile, etc.), his health record, his place of residence, and his credit rating may also change the annual premium cost of his policy. In this case, it's difficult to set a number and give a definite answer; there are simply too many unique features in every type of insurance policy. To know exactly how much James will have to pay, he would need to do the following:

 Get A Quote From An Insurance Agent - These agents look at individual variables for each person who wants insurance, and then they estimate the amount that will need to be paid yearly. Sometimes, online calculators from major insurance companies can be used to get a fairly reliable result. However, these calculators simply don't have the expertise or personal touch of a real-life insurance agent.
 Decide What Type Of Insurance He's Looking For - The type of insurance James wants will affect his premiums. There are different types of policies, from basic to comprehensive coverage. Getting the right policy for his needs will take a little homework and investigation. Once James finds the right $200,000 policy for his needs, he can examine the fine print on the insurance contract, and see if there are any hidden costs that will affect his yearly premium rates.

As you can see, many variables influence a final premium rate (per annum) for insurance. The type of insurance, the fine print, and the personal information of the applicant (in this case, James) will all play a role in determining the final amount.
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