Term Life Insurance and Smoking
When people think of term life insurance and the lifestyle choices that can affect the actual insurance term and premium, smokers often come to mind. It’s true, smokers receive higher rates for insurance, simply because they are expected to have a shorter lifespan. This isn’t a case of judgment but rather fact, as smoking has been proven to be detrimental to health. For those who have health issues or lifestyle activities that life insurance companies note as detrimental, are likely to pay a higher premium. If you are a smoker, it will show in your medical exam and through the questions asked by the company itself. There is a way, however, to find affordable term life insurance rates, even if you are a smoker.What is Considered a Smoker for Term Life Insurance?
Term life insurance companies often interpret the terms of a “smoker” differently. A moderate smoker to some may be a heavy smoker to others, and vice versa. This is why it’s important to comparison shop when considering term life insurance. Either way, smoking on a regular basis can cause your rates to rise. If you’ve managed to recently quit, however, you may fall under the “non smoker” rates; often, the rates continue to drop as you continue to stay away from smoking.
Be HonestWhatever you do, don’t lie. There is a questionnaire that insurance companies ask possible clients. These questions help determine the rates that the person will get; the more of a liability you are, the more it will cost to insure you, and therefore, the more it will cost you to be insured. Lying on this questionnaire can cost you, or your loved ones, the coverage, assuming they find out that you lied on your questionnaire.
How can they find out if you’re lying? It’s simple. When you are applying for term life insurance, you undergo a series of test and exams. These medical exams are meant to aide the insurance company in deciding what the rate should be. They can measure levels of nicotine (and the chemicals left by nicotine and smoking) in the body through the multiple tests. If they find the substance, but you’ve noted that you do not smoke on your application, your insurance claim is null and void.
Term Life Insurance is Still Available
If you are still a smoker, fear not. There are many companies that will offer you coverage, and occasionally at affordable rates. The key is finding a company that will offer you coverage at a rate than you can afford. This is why comparison-shopping could be beneficial to you as when looking into term life insurance. It’s possible you may be missing a company with an affordable rate just because you’ve settled on the first one or two companies that you’ve found.
If you are a smoker, be upfront and honest. You need to find the best coverage possible for you, and that means exposing your smoking. If you’d like to attempt to quit, you may look for a shorter term for term life insurance. This gives you time to quit. Once you quit, your term insurance is over, and you may switch it over to a form of insurance that is more easily accessible and affordable to you.
Smokers, contrary to popular belief, should not have much difficulty finding a company to will offer them a term life insurance policy. While it may be harder to find a company that will offer you a rate you think you can afford and are looking for, there are companies that are out there. While it may take some searching, anyone and everyone should be able to find affordable term life insurance.