Back dating to save age
14-day free look (Cooling-off period) for life, accident and health insurance products most of the time backdated = pay extra few months but normally worth it. Do the calculation before deciding, from what I see normally it is worthwhile.hahaha it is always for your benefit to backdate to last birthday, cos premium is lower for a younger age, moi only buy whole life policy, premium is fixed, so backdate to last birthday then premium is cheaper for many many years lor, hahaha n luckily can backdate hor, cos moi always buy at time just past birthday, hahaha oops moi can get money back so no problem, your's is term leh but still pay less lor hahaha This forum is moderated by volunteer moderators who will react only to members' feedback on posts.
Please refer to our Terms of Service for more information.Life insurance age is determined one of two ways, either by age nearest (which birthday are you closest to), or actual age (your age at your last birthday).By law you can backdate a life insurance up to 6 months to save age in order to get the lower cost per thousand that pertains to that age.i obviously dont want to pay for oct-jan 3 months waste of premium right. can i just ask them to cancel the back-dating and date if from feb or march? So suppose instead of showing that i applied at age 41 it will count that i applied at age 40 and so will have less premium amount (few dollars less only). processed my application in feb only and is now asking me to pay the premium starting from oct 2015. if within 14 days, then you can invoke this if you are not happy.i obviously dont want to pay for oct-jan 3 months waste of premium right. can i just ask them to cancel the back-dating and date if from feb or march? 14-day free look (Cooling-off period) for life, accident and health insurance products added an edit on my original post that i am not 40 or 41, just used it as an example.