When a term policy is converted to permanent coverage using the 'attained age' method, the new premium is based on:
Explanation
Under the attained age method, the permanent policy is priced using the insured's current (attained) age at conversion, which results in a higher premium than the original issue age but usually a lower immediate cost than the alternative. The original issue age method, by contrast, prices the new policy as of when the term coverage began. A single flat rate for everyone and the beneficiary's age are not used to set premiums. The two conversion methods differ in which age determines the new premium.
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