Backdating life insurance save age

09-Nov-2016 10:09 by 4 Comments

Backdating life insurance save age

Many of us dream of time traveling, either to change our past or foresee our future especially when viewing life from a financial perspective.We generally ponder on our past financial decisions like, “Had I invested in ‘X’ stock five years back, I would have earned substantial returns by now.” However, the life insurance policyholders can stay delighted as they have the power to turn the clock back and change the start date of their policy to an earlier date.

To illustrate, let’s look at an example: I have a client who is a 33 year old female. We expect her health rating to be “Preferred” for a

To illustrate, let’s look at an example: I have a client who is a 33 year old female. We expect her health rating to be “Preferred” for a $1,000,000 Twenty-year Term Plan.But if you can lock in a slightly lower rate for 20 years, that would save you money over time.Once your policy is issued, your rate is locked in for your whole life or the duration of your term. O’Boyle, Jr., LUTCF, MBA Did you know that it’s possible to backdate a life insurance application to lock in a younger age?Most life insurance companies use what they call “insurance age” when calculating your initial monthly and annual premium.As most people know, a lot of factors go into calculating individual life insurance rates. Typically, the younger you are, the lower your life insurance premiums will be. By “backdating” (up to six months, LEGALLY), you may be able to save a lot of money each year over the time you own your policy. In terms of pricing policies, life insurance companies use different terms to calculate an insured’s age.

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To illustrate, let’s look at an example: I have a client who is a 33 year old female. We expect her health rating to be “Preferred” for a $1,000,000 Twenty-year Term Plan.

But if you can lock in a slightly lower rate for 20 years, that would save you money over time.

Once your policy is issued, your rate is locked in for your whole life or the duration of your term.

O’Boyle, Jr., LUTCF, MBA Did you know that it’s possible to backdate a life insurance application to lock in a younger age?

Most life insurance companies use what they call “insurance age” when calculating your initial monthly and annual premium.

As most people know, a lot of factors go into calculating individual life insurance rates. Typically, the younger you are, the lower your life insurance premiums will be. By “backdating” (up to six months, LEGALLY), you may be able to save a lot of money each year over the time you own your policy. In terms of pricing policies, life insurance companies use different terms to calculate an insured’s age.

,000,000 Twenty-year Term Plan.But if you can lock in a slightly lower rate for 20 years, that would save you money over time.Once your policy is issued, your rate is locked in for your whole life or the duration of your term. O’Boyle, Jr., LUTCF, MBA Did you know that it’s possible to backdate a life insurance application to lock in a younger age?Most life insurance companies use what they call “insurance age” when calculating your initial monthly and annual premium.As most people know, a lot of factors go into calculating individual life insurance rates. Typically, the younger you are, the lower your life insurance premiums will be. By “backdating” (up to six months, LEGALLY), you may be able to save a lot of money each year over the time you own your policy. In terms of pricing policies, life insurance companies use different terms to calculate an insured’s age.

But as you get older, rates are higher because, obviously, the risk of death is statistically higher as we age. “Actual Age” is customarily used to describe one’s, well, 55.

You get a year older six months before your actual birthday.

Each year you wait to buy insurance, the premium rises a little.

This common practice in life insurance companies is known as ‘Backdating’.

Backdating means altering the start date of the life insurance policy to a timeline earlier than when the document was originally bought.

March 23, 2017 One way to save money on your life insurance is to “save your age” before you sign on the dotted line of your new policy.

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