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Your Birthday May Well Help You Actually Acquire The Ideal Term Life Insurance Prices
It will come as a shock to no one that term life insurance prices and life insurance costs in general are in large part determined by the insured clients' age. Seems like a easy enough calculation, right? Not when it comes to insurance underwriting it isn't! Maybe it is the nature of large corporations to have to complicate the obvious, but, that is the world we live in and you'd best know just how your life insurer is determining your age so you don't pay more than you need. Here is a simple reason that will help you recognize the best time for you to apply for your term life coverage
Insurance company underwriters use two meanings when speaking about a clients' age: Attained Age and Nearest Age. You need to know both definitions when talking about rates with your insurance agent, and understand how the approach being used by your insurer affects your prices.
The "Attained Age" process for calculating your age is the straightforward, no nonsense answer to the age-old question you have been responding to since you were a toddler, "How old are you?" It is your exact age, in years, based on your birthday. As an example, a person who is 34 years and 5 months old would be labeled as a 34-year old, as would a person who is 34 years and 7 months old. Makes sense, right? It is universal to human society and everybody gets it so it would seem sensible to use it when determining how old somebody is for term life insurance. It just so happens that this is the least used approach employed by insurance companies to decide their clients ages.
To make life interesting, the vast majority of life insurance businesses use the "Nearest Age" method to determine the proposed insured's rates. This technique takes into account whether the proposed insured is nearer to his/her last birthday or his/her next birthday. For example, a person who is 34 years and 5 months old would be classified as a 34-year old for the rate calculations. Nonetheless, a person who is 34 years and 7 months old would be categorized as a 35-year-old for the premium computations.
Knowing the differences should enable you to "time" your insurance application in order to make the most of the possibly lower premiums you will obtain by purchasing your life insurance at the proper time. Keep this final tip in mind: Putting a policy in place before your "next birthday" does not assure you the lowest term life rates.
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