Your Birthday Can Help You Actually Get Hold Of The Proper Term Life Insurance Premiums
It will come as a shock to no one that term life insurance quotes and life insurance costs in general are in large part decided by the insured clients' age. Looks like a easy enough calculation, right? Not when it comes to insurance underwriting it isn't! Possibly 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 realize 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 definitions when speaking about a clients' age: Attained Age and Nearest Age. You need to know both definitions when going over rates with your insurance agent, and know how the approach being used by your insurer affects your costs.
The "Attained Age" process for calculating your age is the simple, 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 present age, in years, according to your birthday. For instance, 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 everyone gets it so it would seem sensible to use it when determining how old a person is for term life insurance. It just so happens that this is the very least used technique utilized by insurance companies to decide their clients ages.
To make life interesting, the vast majority of life insurance companies use the "Nearest Age" method to come up with the proposed insured's payments. 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 premium calculations. On the other hand, a person who is 34 years and 7 months old would be defined as a 35-year-old for the rate computations.
Knowing the differences should enable you to "time" your insurance application in order to take advantage of the possibly lower premiums you will acquire by buying 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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