Attained Age
Categories: Insurance
Attained age just refers to your current age. (It can sometimes refer to the age you have to be to start getting certain stuff, but we'll cover that in a minute). In its primary definition, a normal - if someone rude - person might ask, "how old are you?" Meanwhile, a bureaucrat at an insurance company might choose to word this question as "what's your attained age?"
The term comes up a lot in the pricing of insurance. Attained age pricing bases the size of the premiums you have to pay on your age. This is because older people tend to get sick more often and tend to have shorter life spans than younger people, which means insurance companies charge them more for coverage.
The term also comes up related to the distribution of benefits, in which case it doesn't refer to your current age, but the age you will need to be in order to get the benefits in question. Certain payouts (like for retirement, etc.) only kick in when you reach a certain age. The term "attained age" can refer to how old you have to be to start receiving these benefits.
