Backdating to Save Age on Life Insurance
What does save age mean in life insurance? When you save age in life insurance, you’re locking in your premium price of your actual age vs the nearest age. You’ll pay a few more premiums up front in order to get huge savings overall.
You can see the examples above that John Doe’s rate increased because his Nearest Age in now Age 46. John’s birthday is January 1st, but now he’s shopping for coverage in June. He is now closer to age 46 and his rate will reflect that.
The good news is that life insurance companies allow you to backdate your life insurance policy to your actual age.