The Smokey Way to Find the Best Smoker Life Insurance Rates.
The Way Life Insurance Companies See Applicants It goes without saying that life insurance companies want their policy holders to be as healthy as possible. To make underwriting easier, insurance companies put applicants into health-related categories and with premiums to match. A normally healthy individual might be in the “standard” category, whereas someone who is very health might be in the “preferred” or "preferred plus" category. Smokers — and other tobacco users — have a life insurance category all their own. And, they pay a lot more for their coverage than their non-smoking counterparts. With most life insurance companies, premiums are double for tobacco users, while few other companies, the rates are not that terrible! Call (877) 972-3262 now to speak with BeamaLife insurance specialists to find out about those companies. Who Exactly is a Tobacco User? The definition of "tobacco user" can vary from one insurance company to the next. Apply for one life insurance policy, and if you enjoy an occasional cigar, you're a smoker. Apply for another life insurance policy, and you're not. And that can leave you wondering which company is going to look at your tobacco use most favorably. Clearly, if the life insurance application features a question like "do you smoke," and the answer is "yes," then you know they will see you as a smoker. But other insurance companies view cigarettes differently from cigars, pipes, and other tobacco products like chewing tobacco. It pays to do your research or to work with a BeamaLife life insurance specialist if you want to get the best premiums. How Do They Know I'm a Smoker? Life insurance premiums are very competitive these days, and that means that the profit margins enjoyed by life insurance companies are not as big is they've been in the past. It's important that the insurance company knows as much about you as they can discover before issuing a policy. Can you lie on your life insurance application? Of course, you can, but if your application also requires that you take a physical, there's a good chance that a urine or saliva test will reveal the truth about your tobacco use. According to the Surgeon General, most nicotine is broken down and metabolized by your body within 72 hours. So it's also possible that even as a heavy smoker, stopping smoking for three days could enable you to pass a urine test. What If I Lie on My Application? What happens if the insurance company finds out that you lied about your tobacco use on your life insurance application? When your policy is issued, the application becomes part of the contract between you and the insurance company. If it is discovered that you lied, and your policy is still in underwriting, chances are you'll just get the higher rates that you should have gotten to begin with. But suppose you make it all the way through underwriting, get the policy issued with lower rates, and then die? Most insurance companies carry a two-year "incontestable clause" on their policies. This clause lets them challenge any death claim if it takes place within the first two years of the policy. Your smoking could be found out, and even if it's not related to your death, you policy proceeds could be reduced by the amount of the premiums you should have been paying for your coverage. Even after the "incontestable clause" period expires, there's a chance that the insurance company will investigate your death claim. Smoking-related illnesses, like heart disease and lung cancer, will alert the insurance company to the fact that you may have hidden your tobacco use from them at the time of application. Again, the claim is likely to be paid, but with the proceeds reduced by the amount of premiums you should have been paying.
Finally, it's unethical to lie anyway. Is There a Better Way? The best course of action is to be honest with the insurance company, exercising the same good faith that you'd want them to exercise in the event of your death. And there are life insurance companies that specialize in policies for current and former tobacco users. So don't let your worries about your tobacco use stop you from getting the valuable life insurance coverage that you need. Call BeamaLife life insurance specialist to find the best, cheap and most affordable term and whole life insurance policy for you by calling at (877) 972-3262 or completing life insurance quote request now. We know life insurance industry ins & outs, let's reduce your smoker life insurance premium — guaranteed!