Guide For Smokers
As medical research improves, the medical implications of smoking are becoming all the more obvious. Still, here at Four Leaf Cover, we understand that many people who smoke still want to be able to secure affordable life insurance.
How will smoking affect my life insurance?
For smokers, the risk of developing numerous medical conditions, such as cancer and respiratory conditions, is greatly increased. Because of these medical risks, the premiums on your life insurance policy as a smoker will be greater than a non-smoker.
There is no concrete amount for how much your policy will be increased by, and it will be determined by a number of factors.
These include, but are not limited to:
- Your age
- How long you have smoked for
- How often you smoke
- If you Vape
- When you last smoked
- Whether you have developed any health conditions as a result of smoking
How often do I have to smoke to be considered a smoker?
When filling out the initial information for your life insurance policy, it is important to be as honest as possible. If you classify yourself as a non-smoker, but are found to have used any nicotine products in the last twelve months from the application completion date, then your insurance policy may be invalid or only partially fulfilled. This includes not only smoking, but also the use of nicotine patches/gum, or vapes and e-cigarettes.
The question the insurers often ask is:
‘‘During the last 12 months, have you smoked any cigarettes, cigars, pipe or used any nicotine replacement products.’’
If you answer yes, then you’ll be classified as smoker.
How will they know I'm a smoker?
As previously mentioned, it is important to always be 100% honest about this when setting up the policy to ensure that your policy will be paid out in full no matter what. Although rare, our experience has shown us that insurers can do a ‘spot check’ and request a cotinine test to be done to determine whether you’re a smoker or not.
I am a smoker; how will this affect my insurance policy?
If you have an occasional cigarette at a social event, you will be classified as a smoker and your premium will be affected. However, there are some insures who may be able to accept occasional cigar use as non-smokers, and there are some insurers who will offer preferential smoker rates if you only vape.
Life insurance for smokers can differ in two ways that of a non-smoker:
- The likelihood of the smoker being accepted
- Subsequent monthly payments if they are accepted
There are a huge number of different policy types available for life insurance, and the right one is out there for you. Whether it’s a, level term, decreasing term, whole-of-life or accidental death policy, there is a policy available to meet your specific needs.
Here at Four Leaf Cover, we know how important it is to find an affordable life insurance policy that will ensure your loved ones are taken care of if you were to pass away.
Everybody should be able to find adequate life insurance to offer financial security for themselves and their loved ones, being a smoker should not take away this privilege. No two policies are the same, and the most important thing to remember is to always be completely honest and openly declare if you are a smoker, or smoke occasionally, in order to prevent your policy becoming invalid.
