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Below are a few insider tips to keep in mind when purchasing life insurance that has to do with your age and also some general advice based on your age.Most life insurance companies use “age nearest” to determine your age.Yes, it’s my birthday, the ripe old age of 38 if you’re asking and I’m delighted to reach it. He can backdate the start date of his policy to the 1st of December making him 59 and locking in the lower price.I had some lucky escapes in my 20s but those tales are not for this blog. Based on life expectancy the insurer is more at risk of a claim from an older than a younger person. A 29 year old will pay €14.21, a 30 year old will pay €14.83. A 39 year old will pay €24.45, a 40 year old will pay €26.70. A 49 year old will pay €62.71, a 50 year old will pay €70.22. Taking out the policy as a 60 year old will cost €22,500 more over the life of the policy compared to a 59 year old. He must pay December’s premium but long-term this is a small price to pay to reduce his life insurance premium.3 months is usually the longest the insurers will allow you to backdate your policy.
A 49 year old might get cover based on an application form alone whereas a 50 year old may have to go for a medical.
Example: Insured is 45 and it is January, and the insured's birthday is in March.
If the insurance company was calculating age nearest, the insured would be considered age 46 for the purpose of calculating rates.
This means that when you place your life insurance policy in force and you’re within 6 months of your next birthday, they’ll actually determine your rates as if you are 1 year older.
Which effectively means your rates will be more expensive.