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Your Birthday Might Help You Acquire The Proper Term Life Insurance Rates
It will come as a surprise to no one that term life insurance rates and life insurance costs in general are in large part determined by the insured clients' age. Seems like a simple enough calculation, right? Not when it comes to insurance underwriting it isn't! Perhaps it is the nature of large businesses to have to complicate the obvious, but, that is the culture we live in and you'd better understand 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 understand the best time for you to apply for your term life coverage
Insurance company underwriters use two definitions when talking about a clients' age: Attained Age and Nearest Age. You need to be aware of 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" method for calculating your age is the simple, no nonsense answer to the age-old question you have been responding to since you were a small child, "How old are you?" It is your exact age, in years, based upon your birthday. For instance, a person who is 34 years and 5 months old would be classified 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 make sense to use it when calculating how old somebody is for term life insurance. It just so happens that this is the least used technique employed by insurance companies to decide their clients ages.
To make life interesting, the vast majority of life insurance companies use the "Nearest Age" procedure to determine the proposed insured's premiums. 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 particular person who is 34 years and 7 months old would be categorized as a 35-year-old for the premium computations.
Understanding the differences should enable you to "time" your insurance application in order to take advantage of the potentially lower premiums you might 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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