The actuarial age (or actuarial years) is a concept used in the field of insurance, to calculate the age used for the purpose of determining premiums. In this article we will see how it applies actuarial age in the Sure. Health.
Actuarial age
Unlike the chronological age (the years of a person's achievement), the actuarial age is a adjusted age based on the specific time of the year in which the insured He'll do his next years. This methodology is used in risk to better reflect life expectancy and likelihood of occurrence of sinister.
How actuarial age is calculated
The actuarial age is calculated as follows:
- If the date of birth of the insured person is within the previous six months on his birthday, his chronological age is considered.
- If the date of birth is within six months For the last birthday, an additional year is set. For example, a person who reaches the age of June will have his actuarial age adjusted in January, considering that "for actuarial purposes" is already in his next year.
Let's say we're on November 1 and you've turned 40 on September 15. Your actuarial age and your real or chronological age match. In the face of insurance, you're 40. Now, let's say that instead of turning 40 on September 15, you actually did on April 15 (more than six months ago). Although you're still chronologically 40 years old, in the face of insurance you'll count as if you were 41.
Application of actuarial age in health insurance
For the purposes of certain insurance, such as home insurance, your age very probably does not matter or has no implications or affects the premium or coverage. However, the actuarial age at the health insurance It's very important.
1. Determination of premiums
Actuarial age makes it possible to establish an adjusted premium according to the likelihood that a person will require medical assistance or have higher medical expenses depending on his or her "next" age. "This age adjustment avoids sudden changes in premium at age, facilitating a more risk-adjusted calculation.
2. Health risk assessment
In health insurance, actuarial age is used to assess health risks specific to each age group. As actuarial age increases, the likelihood of certain types of diseases is also often increased, so insurance increases the premium to cover these potential claims.
3. Product design and cover
When using actuarial age, insurers can design specific health products for age groups that are adjusted to their health needs expectations. This allows to provide adapted coverage and prices, making policies accessible and more efficient for each age group.
In summary, the actuarial age In health insurance it allows insurers to better assess the risk and provide more appropriate and fair premiums depending on the age that "soon" the insured will have, thus optimizing the coverage and adjusting the price according to the risk profile of each client.
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