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What is involved when a life insurance policy has been backdated


What's involved when a life insurance policy has been backdated? Having a life policy backdated will involve backpaying your premium as if your coverage had ...

What happened when an insurance policy is backdated?

What happens when an insurance policy is backdated? Backdating your life insurance policy gets you cheaper premiums based on your actual age rather than your nearest physical age or your insurance age. You'll pay additional premiums upfront to account for the policy's backdate.

Why would you backdate a policy?

The main reason for backdating a policy is to potentially reduce your premium by using a younger age to determine your risk. Your life insurance rate will generally increase the older you are when you apply, so using a younger age when the policy is underwritten might reduce your premium.

How many months can a life insurance policy normally be backdated from the date of the application?

Policies can be backdated a certain number of months. As a rule, the maximum is to backdate six months. Most companies allow backdating for sales reasons.

What happens when a policy is backdated quizlet?

Backdating has no impact on the policy's premium, but it does result in the policy being issued with a cash value. Insurers normally allow an applicant to backdate a policy by up to 2 years. Only the insurance company, not the producer, can authorize the backdating of specific applications.




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