It’s really worth it to check out backdating your life insurance policy! If you are looking to purchase life insurance, and you just had a birthday within the last couple months, there’s no need for you to be concerned about policy dating.
That being said, if you had a birthday four to five months ago, you need to apply right now for coverage.
That means his insurance birthday would be six months later on April 1The only catch is, if the policy commences March 31st 2017, my client will have to pay premiums from that date onwards before his policy goes into effect.
Which means he will have to shell out money for a few weeks worth of insurance that he won’t be technically covered for. It’s not uncommon for life insurance agents to backdate two, three, or even four months to save age.
You won’t be holding the policy long enough to break even.
Well, I am here today to fill you in on this super cool tip which may save you some money on your premiums.
Now I am going to get real with you – the older you are the more substantial these savings become.
The benefit is reduced when you are younger, because you are far less of a risk to insure.
When you are looking at saving thousands of dollars over your 20 year term, it makes sense to cough up a few extra months of premiums to offset that loss. This client is a non smoking male, who has recently obtained a Preferred rating.
He is looking to obtain 0,000 in coverage for a 20 year term.