Back dating to save age

Posted by / 13-May-2016 18:38

He paid that three months premium for a lower cost per thousand.

If you’re caught doing it you risk fines or imprisonment, as does the agent who agreed to do it.For instance, if your 61st birthday is January 1st, insurance companies regard you as being 61 as soon as July 1st the previous year.Older people often experience significant increases in their premiums every year.For people who’s policies began with them as an older age, extra money spent on premiums can really add up.For example, a 61 year old could pay as much as more per month for a 0,000 Term to 100 life insurance policy than a 60 year old would pay.

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If the monthly premium is $200 per month a $16 saving would provide savings of $192 per year*.

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