Backdating life insurance save age
The price is calculated based on the individual's age on the date the policy was issued. Another way of calculating age for insurance purposes is to use the applicant's nearest birthday.Depending on when the application for coverage was made, the insurance company will assign an age to the applicant.The nearest age calculation is what most insurance companies use when setting rates for coverage.It is possible for them to use backdated life insurance premiums, as well, and this method of calculating age helps the policyholder save money on the cost of his or her coverage.
Before long, there would be no car insurance industry and we’d all be paying for damages and injuries out of pocket.
In effect, he or she is paying for a couple of weeks worth of premiums and getting no benefit whatsoever.
When shopping around for life insurance coverage, a consumer should ask her agent whether a company offers backdated life insurance premiums to its policyholders.
The savings in premiums over the life of the policy need to be calculated before deciding to buy a policy with premiums calculated in this manner.
Insurance Policy Backdating, by definition, is the practice of putting a calendar date on any document that is earlier than the date on which that document was actually written. Backdating a car insurance policies is illegal and something no reputable insurance company or agent would ever do. Because it implies that you had coverage on your vehicle before you actually did.