#9;
For a 65-year-old non-smoking male, the annual premium required to endow the contract at 6.5% is $20,500. This is $6,192 less than the premium for a joint policy with a joint equal age of 65. If we invest $20,500 at 9% net of taxes, it will be worth $1.8 million in 21.6 years, at the individuals age 87.