Definitions for "Age Change"
Insurance policies set a date, usually six months after a policy holder’s birthdate, where a the policy holder’s age changes for insurance purposes. Rate structures are determined by these age changes and may be different based on a company’s preferences.
This is the point at which you are considered to be one year older for insurance premium calculation purposes. Your age change is determined based on your last birthday or closest birthday (within 6 months of your date of birth).
The date on which an insured's age changes. In most life insurance contracts this is the date midway between the insured's birthdays. The date of age change depends on whether the insurer uses a age nearest birthday or age last birthday calculation for determining premium rates.