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A Birthday Can Easily Help You Actually Acquire The Best Term Life Insurance Premiums
It will come as a shock to no one that term life insurance premiums and life insurance rates in general are in large part determined by the insured clients' age. Appears to be a simple enough calculation, correct? Not when it comes to insurance underwriting it isn't! Quite possibly it is the nature of large establishments 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 calculating your age so you don't pay more than you need. Here is a simple description that will help you understand the best time for you to submit an application 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 going over rates with your insurance agent, and know how the method being used by your insurer affects your charges.
The "Attained Age" process for determining your age is the basic, no nonsense answer to the age-old question you have been replying to since you were a toddler, "How old are you?" It is your present age, in years, based on your birthday. For example, 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. Adds up, right? It is universal to human civilization and anyone 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 method employed by insurance companies to find their clients ages.
To make life interesting, the majority of life insurance corporations utilize the "Nearest Age" process to come up with the proposed insured's rates. This method takes into account whether the proposed insured is closer to his/her last birthday or his/her next birthday. For example, a person who is 34 years and 5 months old would be categorized as a 34-year old for the rate calculations. Conversely, a person who is 34 years and 7 months old would be defined as a 35-year-old for the rate calculations.
Understanding the distinctions should enable you to "time" your insurance application to be able to make the most of the possibly lower premiums you can acquire by buying your life insurance at the right time. Keep this final tip in mind: Putting a policy in place before your "next birthday" does not ensure you the lowest term life rates.
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