The next open enrollment period, for coverage effective January 1, 2018, will begin November 1, 2017, and will end December 15, 2017.This is an updated schedule, finalized in April 2017.If she decided in September of that year that she wanted to purchase a life insurance policy, she would be considered to be 61 because the six month point had already passed.Backdating Upon request, life insurance companies can assign you a policy date that is right before your birthday or your six-month birthday, depending on which method they use.If they offer Bond insurance, ask them if they'll backdate it for you.This means that they'll give you a card saying that you had insurance for previous months, when you really didn't.Previously, the open enrollment period for 2018 coverage had been scheduled to run from November through the end of January, the same as it was for 20 coverage.The shorter November 1 to December 15 enrollment period had already been scheduled to start in the fall of 2018 (for 2019 coverage), but the federal government opted in the spring of 2017 to switch to the shorter open enrollment period one year earlier, in the fall of 2017.
It is also a good idea to know whether your state allows policy illustrations, and what the regulations concerning medical exams and privacy are.
Much of the regulation of life insurance carriers happens on the federal level, however most states also have regulations that affect policyholders.
This guide: Lists the major laws governing life insurance in every state Explains how these regulations affect you, the policyholder Points you to the appropriate regulatory agency if you need more help Premiums can vary by as much as 50% for the same coverage and options, so it pays to get quotes from as many reputable insurers as possible.
Using a simple trick known as backdating, you could lower your age in the eyes of the insurance company, thus qualifying you for reduced premiums on your policy. nearest age When insurance companies determine your age for a policy, some of them use your actual age, while others use your “age at your nearest” birthday.
For example, using the latter method, if Mary was born on Jan 1, 1953, her actual age would be 60 for the year 2013.