Backdating to save age

Posted by / 28-Jun-2017 04:16

I have been doing insurance for many years and have done thousands and thousands of life insurance applications.Every day this topic comes up because quite frankly, it doesn’t really make sense.For example, if your half birthday was two months ago and your application was just approved today, you will automatically be charged as the older person-your nearest age.However, the insurance company will allow you to “backdate” or “save age” for the younger age as long as you pay the premiums beginning on your half birthday until now.Most life insurance companies calculate your premium by using what is called the “nearest age” rule.What this means is the insurance company will round up your age to the nearest birthday by 6 months.Our We invite you to contact our Contact Centre if You feel that we have not complied with the spirit or the letter of the law so that We can take corrective action if required.The e Bucks Rewards Programme is brought to You ("the Member", "the Business") by e Bucks ("Us", "We"), which is a business unit of First National Bank, a division of First Rand Bank Limited.

This includes a Dormancy Administration Penalty from Your e Bucks Account should You fail to earn or spend e Bucks on Your relevant e Bucks Account for a period of 6 (six) months, which amount is utilised to cover the costs of maintaining Your e Bucks Accounts on Our system.

The e Bucks send online limit via Our Website or FNB online banking is R3500 (Three Thousand Five Hundred Rand) or e B35000 (thirty five thousand e Bucks) from each e Bucks Account per month.

Send transaction limits will also apply to each online e Bucks send transaction.

"We" or "Us" will also refer to RMB Private Bank which is a division of First Rand Bank Limited.

These Terms and Conditions constitute an agreement between You and Us and govern Your and Our rights and obligations once You register for the e Bucks Rewards Programme and/or each time You access or use the e Bucks Rewards Programme.

backdating to save age-38backdating to save age-50backdating to save age-64