Back dating insurance

07-Dec-2018 04:04

…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.The idea of auto insurance is to protect drivers financially against the potential costs of car accidents.The essential idea is that you are paying for cover so that any costs incurred by you will be paid on your behalf, with only an excess left to pay.Backdating, by definition, is the practice of putting a calendar date on any document that is earlier than the date on which that document was actually written. Backdating Car Insurance Policies Backdating a car insurance policies is illegal and something no reputable insurance company or agent would ever do. Because it implies that you had coverage on your vehicle before you actuallydid. Let’s look at how backdating affects different aspects of car insurance, health insurance and life 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.

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.

Likewise, you may have purchased a car and driven it home from the garage, only to have an accident. Can you get a driving insurance policy and then backdate it for the date needed? While it would be very useful for the driver and the victim to be able to get backdated insurance, the problem is that this would in no way benefit the auto insurance companies.

What you need to remember, is that auto insurance companies need to make money just like any other business.

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Liability insurance that provides coverage for a claim that occurred before the insurance policy was purchased.

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.

Likewise, you may have purchased a car and driven it home from the garage, only to have an accident. Can you get a driving insurance policy and then backdate it for the date needed? While it would be very useful for the driver and the victim to be able to get backdated insurance, the problem is that this would in no way benefit the auto insurance companies.

What you need to remember, is that auto insurance companies need to make money just like any other business.

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Liability insurance that provides coverage for a claim that occurred before the insurance policy was purchased.

So let me fill you in on an industry secret…Most consumers are unaware that life insurance companies use your “nearest age” rather than your actual age to calculate premiums for your policy. Let’s say you turned 60 years old on October 1st 2016.