Age at Issue (Age Last/Nearest Birthday)

Why it matters

The two methods can differ by a year. Under age nearest birthday, someone within six months of the next birthday is rated as the older age, which raises the rate. Under age last birthday, the age stays lower until the birthday passes. Ask which method the carrier uses before you apply. For level premium policies, the age at issue is locked in, so a small timing choice can affect the cost for years.

Source: naic.org