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 is also why life insurance for seniors over 70 tends to be priced and structured differently from policies aimed at younger buyers. This increased risk typically leads to higher premium rates and fewer benefits or perks. Health and tobacco use are two other major factors that affect life insurance premium costs, but age usually carries the most weight in the calculation.