The cost of life insurance is heavily dependent on numerous factors. High-risk individuals can expect to pay more. Insurance companies see tobacco users as high-risk clients, which is why life insurances can be pricey.
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If you’re a cigarette or a tobacco smoker, you’ll need to keep a few things in mind when going through the process of finding life insurance. Here are five essentials.
Smoking and Chewing Tobacco Fall in the Same Category
Tobacco use can occur in several ways. As far as insurance companies are concerned, smoking cigarettes and chewing tobacco come in the same high-risk category.
The category includes several types of behavior. These include tobacco smoking, chewing tobacco, smoking marijuana and using electronic cigarettes.
Nicotine Patches and Gums Impact Insurance Quotes
In order to see an improvement in insurance conditions, you should quit cigarettes at least 12 months before asking for a quote.
If you’re still using nicotine patches and gum, you’re considered a risky client. You’ll fall in the category of smokers, and you’ll typically be charged more than a non-smoker.
Cigars aren’t That Bad
People who smoke the occasional cigar aren’t going to have that many problems with an insurance company. Do you enjoy a cigar during a special occasion a few times per year? If so, you have nothing to worry about. Other factors will be determining for the cost of life insurance.
The frequency of smoking and lab results during a medical exam will be used to determine whether cigar smoking can be considered a health risk. The exam tests for the presence of nicotine in the blood. Some insurance companies have a minimum amount of nicotine that’s permissible. Others don’t have such a threshold.
Providing Misleading Information is a Bad Idea
Many smokers are tempted to lie in an attempt to get more affordable life insurance. This, however, is a dreadful idea.
For a start, providing an insurance company with misleading information is illegal. In addition, you’ll have to pass the nicotine test. It will be tough to cheat on this one, and the truth will be revealed.
People who lie about tobacco use will either get more expensive life insurance or they’ll be denied coverage altogether. Thus, attempting to lie is not worth it, and you’re not going to get any benefit.
Quitting is Always a Good Idea
As already mentioned, you have to quit cigarettes and wait for 12 months before applying for more an inexpensive life insurance. The benefits of giving up the bad habit are evident, however, and it’s not just about getting a better quote.
Many insurance companies are willing to re-evaluate their clients and offer them better conditions in the case of decreased risk. Thus, even if you don’t qualify for inexpensive coverage right now, you should still do your best to quit and experience the benefits of the decision in the future.
Being a tobacco user, getting life insurance is not impossible. Just make sure, you stop it and then apply for coverage. This way you are going to obtain a cheaper rate compared to when having tobacco products on a regular basis.