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It will come as a surprise to no one that term life insurance prices and life insurance premiums in general are in large part determined by the insured clients' age. Appears to be a basic enough calculation, right? Not when it comes to insurance underwriting it isn't! Maybe it is the nature of large corporations to have to complicate the obvious, but, that is the culture we live in and you'd better know just how your life insurer is establishing your age so you don't pay more than you need. Here is a simple definition that will help you grasp the best time for you to apply for your term life coverage

Insurance company underwriters use two meanings when speaking about a clients' age: Attained Age and Nearest Age. You need to be aware of both definitions when discussing rates with your insurance agent, and understand how the procedure being used by your insurer affects your premiums.

The "Attained Age" approach for computing your age is the uncomplicated, no nonsense answer to the age-old question you have been responding to since you were a small child, "How old are you?" It is your real age, in years, based on your birthday. As an example, a person who is 34 years and 5 months old would be classified as a 34-year old, as would a person who is 34 years and 7 months old. Adds up, right? It is natural to human culture and anyone gets it so it would seem sensible to use it when calculating how old someone is for term life insurance. It just so happens that this is the least used approach employed by insurance companies to choose their clients ages.

To make life entertaining, the bulk of life insurance corporations use the "Nearest Age" procedure to calculate the proposed insured's rates. This approach takes into account whether the proposed insured is closer to his/her last birthday or his/her next birthday. As an example, a person who is 34 years and 5 months old would be classified as a 34-year old for the rate calculations. Nonetheless, a particular person who is 34 years and 7 months old would be classified as a 35-year-old for the premium computations.

Understanding the distinctions should help you to "time" your insurance application in order to make the most of the possibly lower premiums you might receive by purchasing your life insurance at the suitable time. Keep this final tip in mind: Putting a policy in place before your "next birthday" does not promise you the lowest term life rates.

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