Life insurance policies are priced based on your health, family history, lifestyle, occupation and the most key factor, your age. In most cases the insurer will use age nearest i.e. which birthday are you closest to.
It is legal to backdate a life insurance policy by up to 6 months to help you get the lowest possible price for that age. While this can save you money, you need to be aware that you’ll have to pay the premiums for the months covered by backdating. You’ll have to do the math to see if the overall savings realized are beneficial. Year to year as you get older the backdating strategy makes more sense as premiums tend to be much higher.
Solutions Financial is a leading online life insurance brokerage based in Canada, bringing you the best price life insurance quotes from multiple leading insurance companies.