Business Glossary

age at which a person is eligible to receive certain benefits. For example, someone may be eligible to receive the proceeds from a trust when they reach age 21. Or someone who has attained the age of 65 may be eligible for certain pension or other retirement benefits. In some cases, the person may have to take some action when they reach the attained age, such as retire from a company.

insured's age at a particular point in time. For example, many term life insurance policies allow an insured to convert to permanent insurance without a physical examination at the insured's then attained age. Upon conversion, the premium usually rises substantially to reflect the insured's increased age and diminished life expectancy. Since later in life rates become prohibitive, many insureds do not make an attained age conversion.

insured's age at a particular point in time. For example, many term life insurance policies allow an insured to convert to permanent insurance without a physical examination at the insured's then attained age. Upon conversion, the premium usually rises substantially to reflect the insured's age and diminished life expectancy. Since later in life rates become prohibitive, many insureds do not make an attained age conversion.