February 21st, 2011 | 
Author: It will come as a surprise to no one that term life insurance prices and life insurance rates in general are in large part determined by the insured clients' age. Seems like a straightforward enough calculation, right? Not when it comes to insurance underwriting it isn't! Possibly it is the nature of large organizations to have to complicate the obvious, but, that is the society we live in and you'd better know just how your life insurer is calculating your age so you don't pay more than you need. Here is a simple reason that will help you comprehend the best time for you to apply for your term life coverage
Insurance company underwriters use two definitions when talking about a clients' age: Attained Age and Nearest Age. You need to understand both definitions when discussing rates with your insurance agent, and understand how the method being used by your insurer affects your prices.
The "Attained Age" technique for computing your age is the simple, no nonsense answer to the age-old question you have been answering since you were a child, "How old are you?" It is your actual age, in years, based on your birthday. For 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. Makes sense, right? It is common to human culture and everyone gets it so it would make sense to use it when figuring out how old someone is for term life insurance. It just so happens that this is the least used process employed by insurance companies to decide their clients ages.
To make life entertaining, the bulk of life insurance companies employ the "Nearest Age" technique to calculate the proposed insured's rates. This method takes into account whether the proposed insured is nearer to his/her last birthday or his/her next birthday. For instance, a person who is 34 years and 5 months old would be classified as a 34-year old for the premium calculations. In contrast, a man or woman who is 34 years and 7 months old would be classified as a 35-year-old for the premium calculations.
Understanding the differences should allow you to "time" your insurance application in order to take advantage of the potentially lower premiums you may receive by purchasing your life insurance at the right time. Keep this final tip in mind: Putting a policy in place before your "next birthday" does not assure you the lowest term life rates.
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