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In the example above, my 60 year old turned 60 on January 1st.That means his insurance birthday would be six months later on July 1.So if we just request the policy date to be June 30, he will still be nearest age 60.Insurance policy backdating is a very common trick used to keep premiums down.The only catch is that if you date the policy June 30, you have to pay premiums from that date.So my client would have to pay for a couple weeks of insurance when he wasn’t technically being covered.
If it means you have to cough up a few months of premium up front to put the policy in force, it will still make sense if you’re going to save 14% per year thereafter. Well, your actual age may be 60, but for insurance purposes, you are 61, because you are over 6 months past your birthday, so you are actually closer to 61 than 60. for 6 months after your birthday, your nearest age matches your actual age, but if your birthday was over 6 months ago, your nearest age is one year older for insurance purposes.Fortunately, life insurance companies let you backdate your policy to lock in a premium at a certain age.Many consumers are unaware that most insurance companies use your “nearest age” rather than actual age to calculate your age and premium on a life insurance policy. Age 60 – 20 year term, 0,000 policy from Genworth – ,994 per year Age 61 – 20 year term, 0,000 policy from Genworth – ,400 per year As you can see, having a birthday can cost you a lot of money in life insurance premiums. Over the life of the 20 year term policy, a 61 year old policy holder from my example above will pay ,120 more than the 60 year old. Let’s say you are 60 years old, and you turned 60 back in the beginning of January. Simply put, if you are applying for coverage, every year you wait to purchase life insurance, your premium increases. If my client is a male, rated Preferred, here’s the difference between the 60 and 61 year old rates.