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Age Last Birthday

What is Age Last Birthday?

Age last birthday is a method some life insurance companies use to determine the issue age of a life insurance policy. The age last birthday is the same as your actual age.

Why age matters in life insurance

Age plays a big role in the amount you pay for life insurance. The younger you are, the more likely you are to live for a number of years. And that gives life insurance companies time to collect premiums from you, mitigating their risk in offering you a life insurance policy.

Because age is such a critical factor in a life insurer’s risk assessment, not all companies use your straightforward age.

Age last birthday vs. age nearest birthday

Some insurance companies determine the issue age (i.e., the age they say you were when you bought the policy) based on your age as of your last birthday. Your age last birthday is your current age.

Most insurance companies use a different aging measurement, though, called the age nearest birthday. It essentially means that if you’re six or fewer months from your next birthday, they consider you the age you’ll turn on that birthday. So if you buy a policy in September and your birthday is in December, the life insurance company would set your issue age as the age you’ll turn in December.

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