Back dating insurance
The only people who would benefit from that would be trial lawyers. Closer to home, consider this: backdating a car insurance policy is insurance fraud.
If you’re caught doing it you risk fines or imprisonment, as does the agent who agreed to do it.
Backdating Life Insurance Policies What you pay for a life insurance policy is based in part of your age at the date of issue.
The insurer will either use your actual age or the age you are nearest to based on the birthday you’re closest to.
Before long, there would be no car insurance industry and we’d all be paying for damages and injuries out of pocket.
Lawsuits would inevitably skyrocket, clogging our already over-burdened court system.
Let’s look at how backdating affects different aspects of car insurance, health insurance and life insurance.
…BUT for the Simply put, every year you wait to purchase life insurance, your premium increases! This male non smoking client is rated Preferred and looking for a 20 year term with 0,000 in coverage.
Here is the difference in dollars and cents from Banner Life: Actual Age 59 (60 for life insurance purposes): 7.55 per month/70.60 per year = ,412.00 over a 20 year term Actual Age 60 (61 for life insurance purposes): 7.39 per month/48.68 per year = 973.60 over a 20 year term Fortunately, life insurance companies let you backdate your policy to lock in a premium for a specific age.
There are a few different scenarios where an individual might find themselves needing backdated car insurance.
For example, if you find that your previous policy expired but you were not aware of it, then you might wish to take out insurance to cover the period you missed.