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Hi, if you were born on 12/6/62 and bought a life insurance policy dated 7/15/1997...would your insurable age at the time the policies were issued be 34 (your actual age) or would it be some other age (like 35) because you would turn 35 during that year etc?
The key phrase here is "insurable age when the policies were issued".
I've looked in my policy and cannot see a definition of this so it must be a standard practice, it would seem to me that 34 would be the correct answer but I'm curious to hear from someone that works in the business extensively.
If I were in your shoes, I'd want a completely accurate, reliable answer -- so I would contact my insurance agent and ask him/her. Failing that, I'd contact the company that issued the policy.
I would double check, but I used to work for a life insurance brokerage a while ago. Sometimes to get a slightly cheaper rate if someone just had a birthday or if you were going to have a birthday during the underwriting process we would backdate the policy to the younger age. But you would have to pay the back premiums to the date that you picked on the policy.
Hi, if you were born on 12/6/62 and bought a life insurance policy dated 7/15/1997...would your insurable age at the time the policies were issued be 34 (your actual age) or would it be some other age (like 35) because you would turn 35 during that year etc?
The key phrase here is "insurable age when the policies were issued".
I've looked in my policy and cannot see a definition of this so it must be a standard practice, it would seem to me that 34 would be the correct answer but I'm curious to hear from someone that works in the business extensively.
Thankyou,
Your policy was issued on an attained age basis or ALB, aka Age Last Birthday vs ANB (age nearest birthday); therefore you were rated as a 34 year old. Most life insurance policies are rated on age bands anyway, unless you filled up a very extensive app. Your age then would only be one factor that comes into play.
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