Attained Age
What Does Attained Age Mean?
Attained age refers to the current age of an individual, typically measured in years. In the context of insurance, life insurance companies use this figure to assess the risk of death for potential policyholders, which influences premium pricing. Additionally, attained age is used to determine when beneficiaries can begin receiving certain benefits under a policy.
Insuranceopedia Explains Attained Age
Attained age plays a crucial role in life insurance underwriting because the older a person is, the higher their likelihood of death. This is because older individuals generally have a higher mortality rate than younger ones. As a result, a person seeking life insurance in their 60s is likely to represent a much higher risk to the insurance company compared to someone in their 20s. This increased risk typically leads to higher premium rates and fewer benefits or perks.
