For the purposes of pricing policies, temporary life insurance companies use one of two methods of calculating the age of the insured. "Real Age" is the terminology used by most laymen to describe their age - for example, they are 36 until the day of their 37th birthday, by the time they are 37. "attained age" or "the age closer "is the terminology used by the majority of life insurance companies in North America. Both terms mean the age you're closer. Once you are past your half birthday, they consider you age, you will be on your next birthday.
According to the insurance company, the policies are based on either your "last age" or "nearest age. "The" police Date "(the date coverage begins officially) is the date that will determine your age based on one of two methods.
If we do not specify otherwise, the company insurance will usually issue the policy rate matching whatever your nearest or actual age at the start date of the policy
. It may take several weeks to complete the process and we need to anticipate what will happen for two important reasons. We need to give you the best advice on the selection of a political date so you do not end up paying more than you need for your coverage. We also need to inform the insurance company about what our expectations are from the date of issue so that was can avoid unexpected price changes due to age changes that occur during the underwriting process.
It is quite OK and legal back-date the "police day" up to six months to save your age and save you money. Although we will not do so unless it saves money in the long run, understand that when we back-date to save age, your first insurance year will not be a full year, even if you pay for a full year. In exchange, you get to pay the price of someone a year younger for the rest of the years you own the policy. We'll crunch the numbers in both directions, and to make a meaningful recommendation one way or the other. The choice, however, is always yours. Backdating is not mandatory, just smart in certain situations.
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