Backdating life insurance save age

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My estimate is that the premium will be 0/year or /month.But when we run the insurance illustration on June 1, 2011 (three months before her actual 34th birthday), the software says that she is 34 years old.But there’s a cost to using this technique: You have to pay upfront all the monthly premiums back to the age change date.In this case if we write the application on June 1, 2011, we have to backdate it by three months to lock in her insurance age of 33.This common practice in life insurance companies is known as ‘Backdating’.

Backdating your life insurance policy can save you serious cash on your life insurance.The older you are, and the closer you are to your age change date, the more likely it is that backdating will save you a lot of money. The younger you are, and the more months you need to go back to save your age, the less likely backdating will make sense. But it definitely makes sense to have your agent crunch the numbers both ways before you move forward with purchasing any life insurance policy. If you are older than 50 years of age, the monthly savings are even greater since costs rise faster for older people.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

Backdating your life insurance policy can save you serious cash on your life insurance.

The older you are, and the closer you are to your age change date, the more likely it is that backdating will save you a lot of money.

The younger you are, and the more months you need to go back to save your age, the less likely backdating will make sense. But it definitely makes sense to have your agent crunch the numbers both ways before you move forward with purchasing any life insurance policy.

If you are older than 50 years of age, the monthly savings are even greater since costs rise faster for older people.

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.

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Backdating your life insurance policy can save you serious cash on your life insurance.The older you are, and the closer you are to your age change date, the more likely it is that backdating will save you a lot of money. The younger you are, and the more months you need to go back to save your age, the less likely backdating will make sense. But it definitely makes sense to have your agent crunch the numbers both ways before you move forward with purchasing any life insurance policy. If you are older than 50 years of age, the monthly savings are even greater since costs rise faster for older people.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.

,000,000 Twenty-year Term Plan.

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