who is ashley cole dating - Backdating life insurance save age
Below is a list of companies who use age nearest pricing.Backdated life insurance premiums are sometimes used to lower premiums on a policy.As we get older, the cost of life insurance increases.
Gender also plays a role in how much someone will be charged for life insurance coverage and the company will want to know if the person is -or ever was- a smoker for ratings purposes.
Some insurance companies issue a policy based on the applicant's actual age.
Backdated premiums reduce the applicant's age by one year and that small change can mean significant savings on the cost of life insurance coverage.
Here is an example of how backdating can benefit a person who is looking for coverage: A person applies for coverage on September 1.
This is called age nearest pricing, and about 80% of all life insurance companies use this method.
That means your price will increase on your half-birthday with many companies.
For example, if a person applies for coverage six months or less after his or her birthday, the insurance company may determine that his or her age is one year less than the applicant's chronological age.
In a situation where the same person applies for a policy and will be having a birthday shortly after doing so, the insurance company may consider him or her to be one year older when calculating rates.
The nearest age calculation is what most insurance companies use when setting rates for coverage.Tags: Adult Dating, affair dating, sex dating