age last birthday definition
For example, an individual is age 35 nearest birth date from the time he or she is 34 years and six months of age until the time he or she is 35 years and six months of age. Insurance premiums are usually based on the ages nearest birthday of the individuals affected. Internal Revenue Service 1. the length of time during which a being or thing has existed; length of life or existence to the time spoken of or referred to: trees of unknown age; His age is 20 years. 2. a period of human life, measured by years from birth, usually marked by a certain stage or degree of mental or physical development and involving legal responsibility and capacity: the age of discretion; the age of consent; The state raised the drinking age from 18 to 21 years. Age Nearest Birthday vs. Age Last Birthday. The merger of AIG domestic life companies to one AGL company requires a change in how Nashville-based products calculate the age of. a proposed insured. Historically, American General Life Insurance Company (along with most other life insurance companies) has used. ANB as the age calculation. Virtually all life insurance companies in Canada offer 'Age Nearest Pricing'. 'Age Nearest' translates into the applicant being priced by the insurance company at the age nearest to their next birthday. Age nearest birthday: A method use by some insurance companies to compute an insured’s age as that nearest the closest birthday. Therefore, if the insured has passed six months after the last birthday, he or she is considered to be one year older (as opposed to age last birthday). Learning about life insurance can be a daunting task, especially if one doesn’t know the meaning of the specialized words, of which there are many. In this life insurance glossary, we have defined many of these terms used throughout this website and, perhaps in your policy). age nearest birthday. The age, expressed as an integral number of years, of an insurance policyholder, which spreads over the period from six months prior to a birthday to six months after a birthday. Backdating to Save Age in Life Insurance...and Money! Fortunately, life insurance companies let you backdate your policy to lock in a premium for a specific age. In the example above, my client turned 60 on October 1st 2016. That means his insurance birthday would be six months later on April 1st 2017. The difference in cost can be significant. Let's look at a male who is 49 years old but is within 2 months of his 50th birthday $500,000 Term 20 Life Insurance would be $134.17 a month as a 49 year old and as a age nearest 50 year old the rate jumps to $150 a month. Over the 20 years that an extra $3,799.20. Age last birthday: One method of insurance rating which rates people a their age as of their last birthday, with such rating held until the next birthday. If your policy is approved at your current age (prior to your next birthday), you will be rated at your current age (as opposed to age nearest birthday).
One method of insurance rating which rates people a their age as of their last birthday, with such rating held until the next birthday.