Avoid Having Life Insurance Savings Go Up in Smoke

Smokers have a number of things riding against them, including oftentimes having to pay more in life insurance premiums.

For consumers who turn to LifeInsuranceQuotes.com for their life insurance quotes, they can oftentimes save money when it comes to life insurance premiums.

For smokers, do those puffs mean their life insurance premiums are destined to go up in smoke?

In many cases, an insurer will require a life insurance medical exam prior to approving one’s policy and providing them with a final premium rate. The difference between one premium class and another is typically 20 to 30 percent, so it is important for those applying for coverage to qualify for the best class possible. ,

For those who aren’t aware, insurers see two types of applicants – smokers and non-smokers. For individuals who smoke one cigarette a week, they will be in the same insurance premium class as someone who goes through a whole pack a day. Individuals who smoke more than 20 cigarettes a day will pay even more.

As you search for the right life insurance plan to cover your family, note that premium rates for smokers can quite easily be two to three times the rates for non-smokers. Quite simply, insurers feel that smoking adds to the risk of premature death. ,

The majority of insurers will look at non-cigarette tobacco use favorably as opposed to cigarette smoking. Oftentimes, non-cigarette tobacco users can actually qualify for non-tobacco premium classes and obtain major savings over cigarette rates.

Non-cigarette tobacco use that could qualify for non-smoker premium classes include: Cigar, pipe and chewing tobacco.

For those individuals who smoke cigarettes, they will be required to be smoke-free for a minimum of one year prior to qualifying for a standard non-smoking rate; two years to qualifying for a preferred non-smoking rate. The majority of non-cigarette tobacco users can qualify for a preferred non-smoking rate. In fact, many non-cigarette tobacco users can become qualified for a preferred non-smoking rate following one year of being tobacco-free.

In the event a medical issue is found in your medical background or your insurance medical exam results, you could be offered a rated, or substandard, premium. If that is the case, that would lead to a larger premium rate if you decide to accept the life insurance policy.

For those consumers who choose not to accept a rated life insurance policy, the medical information becomes a part of their record in the MIB (Medical Information Bureau), which keeps the details for seven years.

Lastly, in the event one’s coverage is turned down due to health, keep in mind that there are insurers specializing in taking on impaired risk policies and they might be able to offer coverage.

At the end of the day, not smoking in the first place is the way to go to get the best savings possible on your life insurance policy.