Smoker’s Life Insurance

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Life insurance is available in a wide variety of packages. Some situations require a term life insurance policy while others need a whole life insurance policy. A common misconception about life insurance is that you must be in perfect health to acquire a life insurance policy. To get an affordable life insurance quote as a former or current tobacco user you need to work with a life insurance agency that how to find a competitive smoker life insurance quote

Facts About Life Insurance for Smokers

• Smoker term life insurance rates will always be higher than term life insurance rates for non-smokers.
• It is possible for smokers to qualify for non-smoker rates.
• Some life insurance companies will give a smoker preferred rates even if they use smokeless tobacco.
• Some underwriters will give better life insurance rates if you smoke an occasional cigar, but not cigarettes.

How to Qualify for Non-Smoker Rates
Let’s say you smoke cigars. One life insurance company may offer non-smoker rates if you puff up to 52 cigars a year. Another company may allow 48 cigars a year. Still another allows only 12 a year. When it comes to cigarettes, most companies charge smoker rates if you light up as little as one cigarette during the past year. However, if you have quit smoking for at least a year, there is a good chance you can qualify for non-smoker rates. You may even qualify for a non-tobacco rate with daily use of cigars, pipes or chewing tobacco. Again it’s all about choosing the right company for you. The same goes for people who use smokeless tobacco or other nicotine products.

For insurance companies, it is all in the statistics. Life insurance companies use statistical information to look at mortality rates and to determine what the cost of life insurance should be so that the life insurance company can make money with their life insurance policies. Some areas of your daily life may contribute to a better life insurance rate, while other aspects may not matter at all. When you work with a life insurance agency, like CompassQuote, their purpose is to find the best policy for you based on your personal situation.

Do Not Lie About Your Tobacco Use

Simply put, if you lie on your life insurance application your policy will certainly come back more expensive than quoted, if it isn’t denied altogether. Most life insurance policies require physicals with blood and urine samples. If you say you’re a non-smoker, but the tests come back positive for nicotine, even in trace amounts, you’ll be given the higher smoker rates anyway. Life insurance underwriters may also consult the applicant’s physician. They may also ask the agent to follow up with the applicant on issues they’re unclear on, such as the exact purpose of any prescription medications listed on the application.

Finally, life insurance companies refer to a central database called the Medical Information Bureau, or MIB. When you apply for life insurance, whatever health information you provide may be forwarded to the MIB. For example, if you applied for life insurance with Company A five years ago and told them you had diabetes, but declined to disclose that to Company B on an application you submitted last week, Company B may very well find out about your diabetes from the MIB. Source