Life Insurance for Smokers
Insurance companies typically class individuals that have had nicotine products within the last 12 months as smokers. These products include cigarettes, cigars, pipes and nicotine gum or patches.
Premiums for smokers are much higher
If you are looking to purchase life insurance then it is in your best interest to quit smoking prior to beginning a policy. The reason for this is that insurance companies believe that by being a smoker you are more at risk of certain health problems. Therefore you are a greater insurance risk and your premiums will be higher than those of a non smoker.
On average, smokers in the UK pay 50 – 60% more for Life Insurance!
Medical research has shown that by smoking you are more prone to particular cancers. It has also been shown that those who smoke are also at much greater risk of developing lung diseases.
What constitutes a smoker?
Insurance companies typically classify a smoker as someone who may have used some form of nicotine product within the last 12 months. Included in the definition of nicotine products are cigarettes, pipes, cigars and nicotine gum or patches.
How will they know that I smoke?
If you were to die during the term of your policy and it is found that you had been smoking and/or smoking was linked to your death then you will void your life insurance policy. This means that your family and dependents will not receive any money from your policy.
What if I stop smoking during the term?
It is possible that you could change to the non-smoker category and therefore receive lower premiums. Should you decide to quit smoking during your policy term then there are a number of options that can save you money.
All insurance companies will have different rules determining how long you need to have stopped smoking to be considered a non-smoker. However, generally this will be for a minimum of one full year but can occasionally be as long as three to five years. You may feel that as soon as you quit smoking you should be considered a non-smoker, but insurance companies ask for it to be for a longer length of time to avoid relapses.