Abstract
Term life insurance is a policy that guarantees the buyer of the policy insurance benefit upon their death for a period of time in exchange for a premium paid by the insurance buyer to the seller yearly for a set number of years. Purchasing life insurance has become an important, if not necessary, financial investment in everyones life, as it protects their family from a potentially devastating financial loss if they unexpectedly pass away. This paper combined multiple variables in order to compute a pricing formula for life insurance. The final result is that as the age of purchase increases, the premium, or, in other words, the price of the life insurance using my pricing formula, increases exponentially, while the profit received decreases exponentially.
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