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Anonymous

15 Oct 2020

∙

Should I be buying whole life insurance right before my birthday?

For the premiums calculated for whole life insurance , I understand that the annual premiums will be higher as one grows older . However, is there any benefit for buying the insurance right before the birthday? E.g: Birthday is on 15 April 1993. Will there be the benefit of signing the whole life right before April 2021 (which means turning 28yo), i.e enjoying 12 months of "being 27 years old" premiums? Or will the premiums increase immediately after May 2021?

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Jiayee

15 Oct 2020

Salaryman at some company

You may want to get the quotations for before and after your birthday and calculate the total premiums for each of them.

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Elijah Lee

14 Oct 2020

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi anon,

As long as you sign before your birthday, your premiums will be based on your age as of signing. So say it is $2000/yr for 25 years and you sign before you turn 28.

And when you are 28 but before you turn 29, and you pay your next premium, it's still $2000 anyway. And it'll be $2000/yr all the way for all 25 payments.

But if you sign after you turn 28 but before you turn 29, the premiums are based on age 28 (last birthday) and they will be something like $2050/yr for 25 years.

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