The age at which a term life insurance policy is purchased is referred to as what?

The age at which a term life insurance policy is purchased is referred to as "attained age." This term signifies the current age of the policyholder at the time the insurance is being evaluated or renewed, which starts from the age at which the policy was initially issued. The attained age can impact the premium rates and coverage, as insurers consider the policyholder’s current age when determining risk.

Other options, while they could imply various aspects of age in insurance policies, do not accurately specifically refer to the age at which a policy is first purchased or the calculation of premiums based on that age. "Policy age," for instance, might indicate how long the policy has been active but does not reflect the insured’s age at the point of purchase. "Acquisition age" may seem relevant but isn't a standard term used in the insurance industry. "Effective age" can refer to various contexts in insurance assessment but does not denote the age that specifically correlates with the initiation of the policy. Thus, referring to the age at purchase as attained age aligns correctly with industry terminology.