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Chris Hutley, How Age Affects Life Insurance Rates, Investopedia This is kind of a no brainer.
Congratulations for being approved for a Preferred rating!
Now we need to discuss if you are going to take the full 20 year term, $500,000 policy, or some lesser amount. However, in order to get this rate, we will need to backdate your policy and pay premiums from an effective date (information redacted for privacy reasons), so we can lock in the 64 year old rate.
He is looking to obtain $500,000 in coverage for a 20 year term.
Check out the difference in rates at 60 and 61 if he opts for Banner Life: Let’s say that my client had a birthday that would require him to make up 4 months of payments if he were to backdate his policy to age 60. Not much when you calculate overall he will save nearly $6,000.00 over the course of his policy.
Do you know anyone who has been able to save age in life insurance?