In the example above, my client turned 60 on October 1st 2016.
It can take many 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 regarding the selection of a policy date so that you don’t end up paying more than you have to for your coverage.
Not so when you’re talking about vintage over 50 life insurance and even more so when it’s over 60 or 70 life insurance.
Life insurance age is determined one of two ways, either by age nearest (which birthday are you closest to), or actual age (your age at your last birthday).
But you CAN use your age to your advantage in getting a better rate. For purposes of pricing their policies, term life insurance companies use one of two methods for calculating an Insured’s age.
“Actual Age” is the terminology used by most laypersons to describe their own age — e.g.It may be necessary for this Department to forward your claim for pension to a local Social Welfare Inspector for further investigation and interview.If you are married, in a civil partnership or cohabiting, we will include the means of your spouse, civil partner or cohabitant in the means test.By law you can backdate a life insurance up to 6 months to save age in order to get the lower cost per thousand that pertains to that age.I have a client I am currently working with who had an age change in June of this year.We also need to inform the insurance company regarding what our expectations are with respect to the issue date so that was can avoid unexpected price variations due to age changes which happen during the underwriting process.