Back dating to save age


I have been doing insurance for many years and have done thousands and thousands of life insurance applications.Every day this topic comes up because quite frankly, it doesn’t really make sense.Most life insurance companies calculate your premium by using what is called the “nearest age” rule.What this means is the insurance company will round up your age to the nearest birthday by 6 months.You can also look at is they go by your half-birthday day- you know as you used to say when you were a kid.Compare this to “actual age” in which your premium is determined by your actual birthday. Let’s take a look at the chart below to better clarify the difference.1973.

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Generally, the larger the premium and the older the client the more substantial savings you will typically see by backdating your application.For example, if your half birthday was two months ago and your application was just approved today, you will automatically be charged as the older person-your nearest age.However, the insurance company will allow you to “backdate” or “save age” for the younger age as long as you pay the premiums beginning on your half birthday until now.If your premium is $115 month for a 60 year old, but the insurance company will allow you to the back payments for a 59 year old in which the premium is $100 month.



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