…BUT for the Simply put, every year you wait to purchase life insurance, your premium increases! This male non smoking client is rated Preferred and looking for a 20 year term with 0,000 in coverage.
Here is the difference in dollars and cents from Banner Life: Actual Age 59 (60 for life insurance purposes): 7.55 per month/70.60 per year = ,412.00 over a 20 year term Actual Age 60 (61 for life insurance purposes): 7.39 per month/48.68 per year = 973.60 over a 20 year term Fortunately, life insurance companies let you backdate your policy to lock in a premium for a specific age.
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As you can see, birthdays can cost you a lot of money in life insurance premiums.
Some of these are for flash sales, so be sure to check your email promptly!Which means he will have to shell out money for a few weeks worth of insurance that he won’t be technically covered for. It’s not uncommon for life insurance agents to backdate two, three, or even four months to save age.When you are looking at saving thousands of dollars over your 20 year term, it makes sense to cough up a few extra months of premiums to offset that loss. This client is a non smoking male, who has recently obtained a Preferred rating.If you take advantage of the 60 year old rate, you will have only paid 30.80 – AFTER the back payment!Now I am going to get real with you – the older you are the more substantial these savings become.So let me fill you in on an industry secret…Most consumers are unaware that life insurance companies use your “nearest age” rather than your actual age to calculate premiums for your policy. Let’s say you turned 60 years old on October 1st 2016.Your actual age today is 60, so it would be logical for you to expect to receive a quote for that age.As you can see in the example above – having to pay out 4 premiums in back coverage costs far less money than sustaining the financial blow of another birthday. BUT if you are holding a term policy and think you may only need it for a couple of years, this is not a good option at all because you won’t break even. If your circumstances are similar to my 60 year old client above and you have to pay out 3.08 in back premiums but are able to take advantage of the lower monthly payment, in three years you will have more than broken even!If you have to pay premiums for age 61 you will shell out 00.12 in three years.That being said, if you had a birthday four to five months ago, you need to apply right now for coverage.Hopefully, you can get your policy in force before your insurance birthday to avoid paying higher premiums.