Term life insurance for ex and current smokers

Statistics from the Centers for Disease Control and Prevention show that about 17.8% of U.S adults were current cigarette smokers in 2013. Majority of these people smoked daily while the rest were not smoking regularly. This means that many cigarettes are smoked daily and the tobacco industry is a multi-billion sector.

More Than Cigarettes

The insurer considers several other forms of tobacco use when you apply for a life insurance policy. You will pay higher premiums if you use the following tobacco products.

Cigars: this comprises all cigars from big cigars to cigarillos. The variations in premiums will depend on the specific insurance company.

1. Marijuana: some insurance companies will provide life insurance policies for marijuana users, especially for medicinal purposes. But others can even deny you coverage. You should always check with the licensed agent if the company accepts the use of marijuana before submitting your application. This variation occurs because some states have legalized the use of marijuana while others haven’t.
2.  Gum and Nicotine patches: Using nicotine gum or a nicotine patch is enough evidence that you are trying to quit the habit. This can be considered by the company as a plus point when determining if you should be considered a smoker. At the same time, it can work against you if it may concern the insurance company. Cigarettes, smokeless tobacco, nicotine patches, gums, and other tobacco products deliver nicotine in the body. Nicotine increases the risk of developing heart disease and doesn’t sit well with insurance companies.

Does smoking void a life insurance policy

Tobacco users usually pay higher premiums compared to non-users. This is because people who use tobacco are more likely to die at an earlier age as opposed to those who don’t. Over one-fifth of the total number of deaths in the U.S is as a result of tobacco use. This figure is higher than the combined total deaths due to car accidents, murder, and AIDs.

But the fact that you are labeled as a tobacco user doesn’t mean that you will be entitled to higher premiums forever. If you quit using tobacco for a year and take a medical exam, your insurance company could re-assess your situation and reduce the premiums.

Lying about smoking on life insurance

You will have to provide full information about whether you are a current tobacco user, whether you quit using tobacco in the last year, or the exact year in which you quit using tobacco. Some companies will charge higher premiums if you admit to having been a tobacco user. Some require you not to have used any tobacco product for not less than 5 years before they consider you for a non-tobacco rate.

You will have to do thorough research in order to shop for the very best policy.

What will happen when I provide false information?

You should provide honest information about your tobacco use when applying for life insurance. Providing misleading data is considered to be a fraud and the results of the medical exam will always reveal the truth.  Tobacco and nicotine usually reside in the body for a longer period depending on the amount and usage period. Some companies can deny you coverage in case you provide false information; others will just raise your premiums. If you would want to apply for a no-exam policy — which more than likely is a good idea if you smoke or use tobacco-related products — you can by-pass the testing, but will more than likely be more expensive. Why? Because the insurance company doesn’t know much about your health, so giving a no exam policy puts them at a much greater risk. Those risks are covered by charging higher premiums.

Life insurance for smokers over 60

You have unlimited options when selecting a term life insurance policy that is affordable and best for you as a tobacco user. But it will require you to spend a lot of time and considerable effort.

Smokers will always pay more for life insurance than non-smokers for comparable policies, but Banner Life offers the most competitive rates to smokers among Coach B. Insurance partners. You’ll also be able to apply for lower premiums after a year if you quit smoking, whereas some other insurers do not offer non-smoker rates for two years or more.

A licensed Coach B. Life Insuranceagent can help you. Just call 1-800-342-1537 and ask how you can purchase the best life insurance policy for you. There is affordable life insurance for smokers and tobacco users.