So let me fill you in on an industry secret…Most consumers are unaware that life insurance companies use your “nearest age” rather than your actual age to calculate premiums for your policy. Let’s say you turned 60 years old on October 1st 2016.
Your actual age today is 60, so it would be logical for you to expect to receive a quote for that age.
Well, I am here today to fill you in on this super cool tip which may save you some money on your premiums.
When you are looking at saving thousands of dollars over your 20 year term, it makes sense to cough up a few extra months of premiums to offset that loss. This client is a non smoking male, who has recently obtained a Preferred rating.
The no-loss form has you certify that there were no losses, accidents or circumstances that might give rise to a claim during from the cancellation date to the reinstatement date.
Thus, it's made very clear that if you try to make a claim for anything that occurred during this time period it would be denied.
As you can see, birthdays can cost you a lot of money in life insurance premiums.
It’s really worth it to check out backdating your life insurance policy! If you are looking to purchase life insurance, and you just had a birthday within the last couple months, there’s no need for you to be concerned about policy dating.