Attained Age

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Attained Age

1. The age of a person holding an insurance policy. This may affect the premium that is paid.

2. The age at which a beneficiary, policyholder, or pensioner begins to receive payments from a plan.
References in periodicals archive ?
"Certain insurers asserted that due to the requirement in the rule that only currently marketed policies can be used, a number of persons whose existing long term care insurance policies conformed in every other way with the partnership requirements, or could be made to conform by a minimal rider, could not afford or could not be underwritten under the newer partnership policies' increased benefits at their attained ages, and that this was not fair," officials say.
Universal life lapse exposure at attained ages was highest for middle-aged policyholders in the 50-59 group with a 23% exposure followed by the 40-49 group with a 22% lapse exposure, the LIMRA-SOA study found.
Attained age whole life exposure was greatest in the 70+ age group which represents 24% of the total policies exposed.
Term life lapse rates by attained age ranged from roughly 8% for policyholders aged 20 for yearly renewable term, 10-year level premium term, and 20-year level premium term and increased to approximately 12-13% for YRT and 10-year term at age 25 and 11% for 20-year term.
In that case, the distribution period is the longer of a) the participant's life expectancy under the uniform method described above or b) the joint life expectancies of the participant and his or her spouse, based on their attained ages in the year distributions take place.
The factor will vary depending on the participant's attained age on his or her birthday in the distribution year.
The single life expectancy method stretches distributions over the beneficiary's life expectancy, which is calculated based on the beneficiary's attained age on his or her birthday in the year after the participant's or IRA owner's death.
Most IRA holders choose the annual recalculation method for determining minimum distributions; this allows the IRA owner and spouse to use their attained ages as of their birthdays each year when looking up their joint life expectancy in the IRS tables (in Publication 590).
But now, some companies are starting to recognize that some of the discount for being preferred starts to wear off in the later durations or at the older attained ages.
But families who attained age 65 in 1991 had had nine years to contribute.(8)
The mean of total financial assets of all families that attained age 60 to 64 in 1984 was $32,807; the mean of those who attained this age in 1991 was $39,105 (in 1991 dollars and controlling for income, age, education, and marital status).