What Is Issue Age Limit? Definition

Why it matters

Final expense plans often issue up to the 80s, while term policies stop earlier. Guaranteed issue plans have narrow windows, often 50 to 80. The range varies by carrier and sometimes by state. Agents should check the limit before quoting, and families who wait may lose options. Rules vary. Check the plan's exact range before you quote it.

Source: naic.org

Where we use this term

Life insurance for seniors: what you can get at 50, 60, 70, and 80

Related terms

Age at Issue (Age Last/Nearest Birthday): Age at issue is the insured's age when the policy starts, and it helps set the premium. Carriers count it as age last birthday or age nearest birthday, depending on the plan.
Final Expense Insurance: Final expense insurance is a small whole life policy designed to pay for funeral costs, burial or cremation, and related end-of-life bills. Face amounts are modest, and it is often sold to seniors without a medical exam.
Guaranteed Issue Life Insurance: Guaranteed issue life insurance is coverage that accepts applicants without health questions or a medical exam. Approval is guaranteed within the age limits, but the face amount is small and a waiting period usually applies.
Term Life Insurance: Term life insurance is coverage that lasts for a fixed period, such as 10, 20, or 30 years. It pays a death benefit only if the insured dies during that term. It usually builds no cash value.
Premium Rate: A premium rate is the price a carrier charges per unit of coverage, often per $1,000, based on the insured's age, sex, class, and plan. The total premium comes from this rate.

All 241 terms

Why it matters

Where we use this term

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