You don’t have to calculate anything, just enter your state of residence, date of birth and gender – we take the guess work out of the equation.Generally speaking, the younger the issue age, the lower the premium.
Our Pivot Care team can work with you to determine the best course of action for your specific life insurance needs.
Ken Buccico holds a LUTC designation and has been in the life insurance business for 39 years.
If you don’t do the math that might be the conclusion, but let’s run this out.
He is paying ,000 a year for a backdated permanent policy that he needs for estate tax purposes. The difference in cost is 00 a year so by the fourth year he will be saving 00 a year over a current dated policy.
If you’re in your 30’s life insurance backdating is not an issue that you probably need to know about or even consider simply because, at your age, the cost of insurance doesn’t change much, if any, from year to year as you get older.
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.
Ex: If your date of birth is 03/01/74 and today’s date is 09/06/14, the issue age would be 41.
Most insurance companies use the nearest age method in determining the policy issue age.
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).
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.
Generally speaking, the younger the issue age, the lower the premiums.