UNDERSTANDING INSURANCE - AGE

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This page contains dozens of short articles that will help you quickly understand international insurance. For example, terminology, purchasing details and managing your insurance coverage are topics that are all covered within these articles. Choose an Article From the Topics Below

AGE AND INSURANCE PREMIUMS

Often we receive requests for a health insurance quote with no age given. It is not possible to give a quote without knowing a person's age. Why is age so important? Because your medical needs vary depending on your age. For example, women ages 22-40 will be charged a higher premium because these are childbearing years. Young men in their twenties will pay lower premiums because they tend to demand less medical care. Men over 55 will begin paying higher premiums than women of the same age because of men's tendency toward high blood pressure, stroke, etc. Insurance companies have done very detailed studies over the years, and know which ages will demand more medical care. They adjust the premium charged to make sure they do not lose money on any age group.

Some insurance companies increase the rates they charge each year you advance in age. Others only increase rates every five years or ten years. For example, one company breaks down the various age levels as follows: 14 days-18 years, 19-29, 30-39, 40-44, 45-49, 50-54, 55-59, 60-64, 65-69, 70-74.

As long as you get your application in and ask for an effective date, even a day before your birthday, you will get the rate for your requested age. Thus if a person is turning 60 on January 1, and he get his application in and asks for a Dec. 31 effective date, he will get the rates for a 55-59 year old. According to one of my plans, that would save a person who is 59 years old approximately $1,200.

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