subject: I Need Life Insurance, I Use Tobacco But Do Not Smoke, Does It Make a Difference? [print this page] I Need Life Insurance, I Use Tobacco But Do Not Smoke, Does It Make a Difference?
So you smoke cigars and your next door neighbor told you to get ready for high premiums on your life insurance. So now you are prepared, you call the insurance company, ask for your quote and behold, the neighbor was right. Your quote is through the roof just because you smoke cigars. How can that be that your other neighbor who does not use any tobacco products pays less than half the price you were quoted? Surprised? Well, you should be. The fact is, depending upon which company you call, your rates can vary greatly just because you don't smoke cigarettes but use other tobacco products.
For example, company A may quote a 45 year old male needing $250,000 in life insurance about $63/month. Company B, on the other hand may quote exactly the same coverage for $44/month. How can that be? Well, simply put, company A looks at all tobacco users the same way whether or not they smoke cigarettes, chew tobacco, smoke cigars or are pipe smokers. Company B, on the other hand considers anyone other than cigarette smokers, as non-tobacco users. Now, you may not get super preferred rates, but you can still qualify for preferred rates NON-SMOKERS.
Beware, beware...if you have or have had health issues (particularly if they are due to any tobacco use), you may be considered as a high risk smoker and smoker rates (plus some). Make sure, if you smoke pipe, smoke cigar or chew tobacco and you have had health issues, that you give the insurance company as much information as possible about your health and personal habits (like exercise and diet...)
What if you don't tell the insurance company that you smoke cigarettes when you apply for life insurance, then how bad can that be? After, all if an exam is needed, nicotine will show up in your urine test no matter what tobacco product you use. That is a very bad choice! If you smoke cigarettes, don't withhold that information. I know premiums will be higher but the purpose of the life insurance is to protect your family or business. If you die prematurely and the claim is investigated, you don't want it to be denied or modified just because you did not want to pay the extra premium.
In conclusion, as long as you do not smoke cigarettes, you should be able to get non-smoker rates and save a lot of cash on tobacco-user life insurance premiums. Bottom line, make sure you shop around when selecting a company for your life insurance and tell the truth about your smoking habits. And, as we say in all of our articles, ask, ask ans ask more questions before you apply, after you apply, during underwriting and after you get your policy. Be well.
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