Smokers and tobacco users generally find it challenging to obtain life insurance since they are considered increased-risk individuals due to conceivable future complications like cancer, heart disease, and respiratory issues. In this article, we will explore the options available for smokers and tobacco users looking to purchase life insurance and provide guidance on finding the right policy to fit your needs.
What Is an Insurance Company’s Classification of Smokers?
Insurers define smokers as people who consume any tobacco product, including nicotine-containing e-cigarettes, cigars, chewing tobacco, and cigarettes. Generally, this means smokers are anyone who has consumed tobacco or nicotine in any form within the last 12 months and in certain situations, within the previous 24 months. However, it should be noted that insurance companies occasionally label people as smokers even if they smoke sometimes or for social reasons. This is because even light smoking raises the possibility of acquiring smoking-related health issues and, consequently, the option of filing an insurance claim.
Why Do Insurance Companies Rate Smokers Differently?
Regarding life insurance, smokers are often assessed differently than non-smokers due to their increased risk of developing various health problems, such as heart disease, respiratory illnesses, stroke, and cancer. This means that smokers typically have to pay a higher premium for insurance coverage, sometimes up to twice as much as non-smokers. However, insurance companies may use different rating systems to evaluate smokers depending on the type of insurance being offered and the company’s policies. Some insurance companies also may offer lower premiums if a smoker can quit using tobacco and maintain their tobacco-free status for a certain period.
How Do Insurers Determine If You’re a Smoker?
Generally, in the application form, insurance firms frequently inquire about the usage of tobacco or nicotine products. Moreover, some insurance providers could also ask applicants for a medical exam that includes a blood test. If the situation is more serious, insurers may use other public data sources, including databases for prescription drugs, to assist in identifying tobacco usage.
Is It Okay Not to Mention My Smoking?
Lying about smoking is considered insurance fraud and can have serious repercussions. The insurance provider may reject your claim or cancel your policy if you submit incorrect information regarding your smoking status and it is later determined that you smoke. Moreover, Insurance fraud can occasionally entail criminal accusations, penalties, and even jail time. So it’s best, to be honest about whether or not you smoke when applying for life insurance.
Do I Need to Delay Buying Life Insurance If I’m Trying to Quit Smoking?
Delaying the purchase of life insurance while attempting to quit smoking is not recommended. You should buy life insurance as soon as possible, regardless of whether you smoke or are trying to quit. This is because the longer you postpone buying a policy, the greater the likelihood of developing a major health issue that could make it more difficult or costly for you to obtain coverage. Additionally, life insurance premiums tend to increase with age, meaning you are likely to pay a lower premium if you purchase a policy at a younger age.
Protect Your Future with Reardon Insurance Agency
Protect your loved ones and secure their future with life insurance from Reardon Insurance Agency. With customizable coverage options, our team of experts will help you find a plan that fits your unique needs and budget. Contact us today to get started!
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