pv = present value
fv = future value
n = number of years
i = interest rate
A term insurance policy is an agreement between the person who owns the policy and an insurance company. The purchaser agrees to pay a premium for a specific term such as 20 years and in return, the insurance company promises to pay a cash benefit to someone (a named beneficiary) upon the death of the purchaser.
These are hypothetical illustrations and are not representative of any specific situation. Your results will vary. The hypothetical rates of return used do not reflect the deduction of fees and charges inherent to investing.
This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact an insurance agent or visit your state’s insurance department for more information. State insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company.
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