Final answer:
Over a 20-year term, a 70-year-old male will pay $15,708 more for a $100,000 term life policy than a 50-year-old male based on the given monthly premiums.
Step-by-step explanation:
The student is asking about the difference in life insurance costs for a $100,000 term policy between a 50-year-old male and a 70-year-old male and how much more the older individual will pay over the course of a 20-year term. To calculate this, we look at the monthly premiums for each and determine the total cost over 240 months (20 years).
The monthly premium for the 50-year-old is $14.34, while for the 70-year-old it is $79.79. Over 20 years, the 50-year-old will have paid 240 months * $14.34 = $3,441.60. The 70-year-old will pay 240 months * $79.79 = $19,149.60.
Therefore, the 70-year-old male will pay $19,149.60 - $3,441.60 = $15,708 more over the duration of a 20-year term policy.