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Rates Go Up as You Age
  • As everyone knows, insurance rates don’t go down as you age. If you’re planning to buy life insurance, waiting any longer is not going to save you money. In fact even though your birthday may be months from now, you may actually pay a higher rate tomorrow than you might pay today!
Why?
  • At younger ages the cost difference isn’t great between ages, but as you get older, a year can amount to a much greater premium difference.
  • The older you are, the closer you are, statistically speaking, to death.
Nearest Birthday
Method
  • Some insurance companies use the "nearest birthday" method to calculate your age.
  • If you are 42 years, 7 months then they assume you to be 43 years old. If you are 42 years, 5 months you're still 42. In this case, purchasing life insurance prior to reaching 45 years, 6 months will allow you to take advantage of the 42 year old rate.
Last Birthday
Method
  • Some insurance companies use the "last birthday" method to calculate your age.
  • You can be 42 years, 11 months or 42 years, 1 month and still be considered 42 years old by some companies.

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