3 Things You Need To Know About Life Insurance If You’re A Smoker
Do you use tobacco products on a regular basis? If so, there’re a few things that you will want to keep in mind when it comes to your life insurance. While smokers will need to pay higher premiums, life insurance policies are by no means one size fits all.
In fact, you’ll find that a number of factors will influence your premiums, from the frequency of your tobacco use to your overall health. If you’re curious what you might expect as a smoker seeking life insurance, you’ve come to the right place.
Discover 3 of the most important things you need to know about your options.
1.) Cigarettes are not the only Culprit
Smoking cigarettes are the only thing that life insurance companies care about right? Well, not exactly. While cigarettes tend to be the main culprit of increased premiums, use of other tobacco products can also hike up your rates. Some of the most common include:
Although surprising to many, use of products containing nicotine can result in paying more for coverage. Due to the detrimental health effects use of nicotine can lead to, premiums are often increased. However, with that being said, this is not necessarily the case for every insurer. In fact, you will find that some insurers may charge higher or lower rates for tobacco use, making it a wise move to shop around before selecting a policy.
2.) Avoiding a Medical Exam can be Costly
If insurers will charge more for tobacco/nicotine use it only makes sense to avoid taking a medical exam if possible right? After all, as long as insurers don’t know that you’re a smoker, there’s no way that you could end up paying more for coverage, or is there?
Although some life insurance providers sell policies that do not require a medical exam, opting for this kind of policy may not be such a smart move in actuality. While skipping out on a medical exam might seem attractive, it will often end up costing you in the long run. In fact, in some cases you could end up paying more than had you opted to take the exam.
While it can be tempting to skip out, you may want to reconsider.
3.) Quitting is Rewarded
So, if you’ve ever used tobacco products you’re pretty much doomed when it comes to affordable life insurance premiums right? No way! In fact, quitting is actually rewarded by life insurance companies.
Although you may be classified as a “smoker” initially, that doesn’t mean you have to stay that way forever. Rest assured, being classified as a smoker once does not equate to eternity.
Often, if you quit smoking and wait a year to take another medical exam many providers will be more than happy to re-evaluate your situation. In fact, after 1 year of quitting smoking and use of all tobacco products you’ll likely be able to qualify for the same rates as a nonsmoker.
Above all, it’s important to be aware of your options whether you are a smoker or non-smoker when it comes to life insurance. After all, not every provider or policy is the same. While some providers may charge you an arm and a leg others may charge you fair and affordable rates.
Luckily, this is where TermLifeInsurance.com can help. We’ve taken the hassle out of comparing confusing premiums and policy jargon, all without any personal information required. Providing real-time rates from hundreds of nationwide companies., compared side-by-side, in an easy-to-read chart, TermLifeInsurance.com empowers you to find the answers you need.
Get started today by searching by zip code at the top of the page.
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