When it comes to life insurance and smoking, there’s a lot of unanswered questions, but read on to find out the facts.
Does smoking affect my life insurance quote?
Why do smokers have to pay more?
How much will smoking raise my premium?
- If Pete was a smoker it would cost £14.86 per month
- If Pete was non-smoker it would cost £7.77 per month.
- If he was a non smoker, he could save £2,127 over the life of his policy.
How do life insurance companies define smokers?
Most insurance companies define a smoker as someone who has used a tobacco product in the past 12 months. It doesn’t matter if you smoke from a pipe, cigar or cigarette,10 times-a-day or occasionally, in the eyes of the insurers, if you’re a smoker, you’re a smoker: the health risks are the same.
Can I get away without telling them?
If you smoke, you should be honest from the outset and respond to the insurer’s questions truthfully and accurately. It’s in your best interest, because if you’re discovered to have been deliberately deceptive, (validated through medical records and medical examinations) the claim is likely to be denied.
Do e-Cigarettes count?
In recent years, electronic cigarettes like vapourizer pen have experienced a surge of popularity with approximately 2.1 million adults in Great Britain currently using them. Although e-Cigarettes do not contain any tobacco, they do contain Nicotine. According to the Association of British Insurers there is “a lack of medical evidence as to any long-term health benefits” regarding e-Cigarettes and added that “an insurer is increasingly likely to ask if the proposer is using nicotine products, as opposed to what is the weekly tobacco consumption”. Therefore to be registered as a non-smoker, individuals should be tobacco and nicotine free for over 12 months, including e-Cigarettes, nicotine patches and gum.
If I’ve quit, how soon can I see my premiums reduce?
To qualify for non-smoker premiums, you must be tobacco and nicotine free for over 12 months. As soon as you reach the year, contact your insurer and they’ll do the rest! Though, at this point, it may be advisable to compare life insurance quotes with other companies to see if there are any cheaper alternatives available on the market.
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