Age Nearest or Age Last for Genworth, Hancock, Mutual O, and Trans?
- Thread starter AOKING
- Start date
- 241
I just did a GenGuard UL (Genworth) and it was age nearest.
Don't know about the others.
Don't know about the others.
Arthur Rudnick
Guru
- 1,652
originally posted by CaptiveBroker
The question referred to LTCi, not life insurance.
The question referred to LTCi, not life insurance.
And the companies will save age if application signed/dated within 30 days of last birthday.
So it is age last + 30 days.
Last edited:
- 241
Thank you for the correction.
Trans LTC will force you to start the policy effective prior to the birth date as I understand it..but will allow you to go back 30 days to save age.......where as the others just want you to sign the application within 30 days of your last birthday, and then the policy can still be effective in the future whenever they get around to approving you. Subtle difference.
At least that's how I remember it.
At least that's how I remember it.
- 657
Mass Mutual is age nearest birthday on LTCI. I learned that the hard way earlier this year.
Arthur Rudnick
Guru
- 1,652
originally posted by yankee466
I believe that when saving age (30 days past the actual birthday) all carriers will make the policy effective date 1 day prior to the birthday.
Even though some carriers will allow for the present app date, if they made the policy effective the day of the app, the applicant would be a year older and have to pay premiums based on his attained age. If the effective date was the day of approval, age would not be saved.
At least that's how I remember it.
I believe that when saving age (30 days past the actual birthday) all carriers will make the policy effective date 1 day prior to the birthday.
Even though some carriers will allow for the present app date, if they made the policy effective the day of the app, the applicant would be a year older and have to pay premiums based on his attained age. If the effective date was the day of approval, age would not be saved.
At least that's how I remember it.
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