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It will come as a surprise to no one that term life insurance rates and life insurance costs in general are in large part decided by the insured clients' age. Appears to be a easy enough calculation, correct? Not when it comes to insurance underwriting it isn't! Perhaps it is the nature of large groups to have to complicate the obvious, but, that is the world we live in and you'd better understand just how your life insurer is determining your age so you don't pay more than you need. Here is a easy definition that will help you recognize the best time for you to submit an application for your term life coverage

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

The "Attained Age" way for determining your age is the straight forward, no nonsense answer to the age-old question you have been replying to since you were a toddler, "How old are you?" It is your real age, in years, based upon your birthday. For instance, a person who is 34 years and 5 months old would be categorized as a 34-year old, as would a person who is 34 years and 7 months old. Adds up, right? It is common to human culture and everyone gets it so it would seem sensible to use it when determining how old someone is for term life insurance. It just so happens that this is the least used technique utilized by insurance companies to choose their clients ages.

To make life interesting, the majority of life insurance companies utilize the "Nearest Age" process to calculate the proposed insured's premiums. This technique takes into account whether or not the proposed insured is closer to his/her last birthday or his/her next birthday. For instance, a person who is 34 years and 5 months old would be categorized as a 34-year old for the premium calculations. Nonetheless, a person who is 34 years and 7 months old would be classified as a 35-year-old for the premium computations.

Realizing the distinctions should allow you to "time" your insurance application to be able to take advantage of the possibly lower premiums you can receive by purchasing your life insurance at the proper time. Keep this final tip in mind: Putting a policy in place sooner than your "next birthday" does not promise you the lowest term life rates.

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