Age-Based Mortality Charges are costs tied to the insured person’s age, with the charges generally increasing as the person gets older. These charges are part of the overall cost of insurance and reflect the higher risk the insurer takes on as the insured ages.
In policies like universal life, the cost of insurance is deducted monthly, and these age-based charges can impact the cash value growth. It’s an essential factor to consider, especially in policies designed to last a lifetime.