Life Assurance Learning Intention Success Criteria 1.Understands the terms linked with Life Insurance 1.To explain the terms linked with Life insurance.

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Presentation transcript:

Life Assurance Learning Intention Success Criteria 1.Understands the terms linked with Life Insurance 1.To explain the terms linked with Life insurance 2.Can calculate the premium due when told the cost per £100 or £ 1000 etc 2.To show how to calculate insurance premiums

What is Life Assurance Premium : This is the amount you pay the company. You may pay one premium per year or pay it monthly The amount insured is paid on the death of the person paying the premiums People like to leave money to their family on the event of their death. This helps to pay for expenses. Endownment. Parents often want to protect their families. This type of insurance protects them for a shorter time eg 25 years. The insurance company pays the insured person the amount insured 25 years later or his family if he dies before this. Whole Life.

Reading a Table Age Non- Smoker Smoker MaleFemale £1.80£ £1.90£ £1.95£ £2.05£2.45 Whole Life ( with profits ) MONTHLY PREMIUM FOR EVERY £1000 INSURED What is the monthly premiums to insure A 25 year old female, non smoker 25 year old femaleNon-smoker Either £1.80 or £2.20 £1.80 Premium is

What is the Premium Age Non- Smoker Smoker MaleFemale £1.80 £1.90 £1.95 £2.05 £2.20 £2.30 £2.35 £2.45 MONTHLY PREMIUM FOR EVERY £1000 INSURED Premium for a Female Of Age 29 who is a Non-Smoker C. ÷ x 0 + On ² - Ans = √ NextStart Type in the Premium then click the arrow

Calculating Premium : Example 1 To insure his life for £1 000 costs Kevin £1.90 per month. How much will it cost to insure his life for £6 000 Insurance for £1000 = £1.90 £1000: £1.90 Insurance for £ £1000 x 6 = £6000 Premium is £11.40 = £1.90 x

Calculating Premium : Example 2 To insure her life for £1 000 costs Sue £2.05 per month. Sue wishes to cover her life for £ What will the monthly premium be? Insurance for £1000 = £2.05 Insurance for £9 600=£2.05 x 9.6 Premium is £19.68 £1000 x = £ ÷10 ÷ ÷ 1000 Opposite of Multiply is divide ÷ 1000 =9.6 How Many 1 000’s X 9.6

What is the premium x7.9 C. ÷ x On ² - Ans = √ Insurance for £1000 = £7900 = £ Premium is xxxx £4.35 Insurance for Age Premium £ per £ New Example Premium to insure £7900 for a person aged 44 Start