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That being said, if you had a birthday four to five months ago, you need to apply right now for coverage.

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As you can see in the example above – having to pay out 4 premiums in back coverage costs far less money than sustaining the financial blow of another birthday. BUT if you are holding a term policy and think you may only need it for a couple of years, this is not a good option at all because you won’t break even. If your circumstances are similar to my 60 year old client above and you have to pay out $853.08 in back premiums but are able to take advantage of the lower monthly payment, in three years you will have more than broken even!

If you have to pay premiums for age 61 you will shell out $8700.12 in three years.

He is looking to obtain $500,000 in coverage for a 20 year term.

Check out the difference in rates at 60 and 61 if he opts for Banner Life: Let’s say that my client had a birthday that would require him to make up 4 months of payments if he were to backdate his policy to age 60. Not much when you calculate overall he will save nearly $6,000.00 over the course of his policy.

Do you know anyone who has been able to save age in life insurance?

If so, maybe you wonder what the heck they are talking about.Well, I am here today to fill you in on this super cool tip which may save you some money on your premiums.At Huntley Wealth we love a good deal and we sure are good at getting ’em!Now let’s take a look at a real life case study: You are probably wondering how saving age in life insurance works in real life.I am going to run through an example of a client that was approved for life insurance where we had the opportunity to backdate his premiums.If you take advantage of the 60 year old rate, you will have only paid 30.80 – AFTER the back payment!

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