Life insurance. Vaping and smoking Smoking and life insurance might be complicated. Many people we interact with assume that if you smoke, you can’t get insurance, but that is untrue. You can acquire insurance (and it doesn’t always have to be expensive either).
Continue reading to learn more about vaping, smoking, and how it affects your life insurance policy, whether you’re quitting cigarettes forever, an old-school cigarette smoker, or maybe you’re simply a serial vaper on the weekends.
Why do vaping and life insurance matter?
While the majority of us believe that vaping is a healthier option to smoking, most life insurance companies regrettably disagree. They actually hold it to the same standard as smoking!
This is because whether you smoke a cigarette or use a vape, life insurance underwriters will judge your smoking based on the quantity of nicotine you consume.
If you smoke or vape, can you still acquire life insurance?
Yes!
Smokers can still get life insurance; but, because of the smoking rate that will be applied to your policy, you may end up paying a little bit more than a non-smoker for your coverage.
What is a smoking rate, and do vapers fall under it?
Your life insurance policy will be increased by what is known as a smokers rate if you admit that you smoke. Your insurance premiums (the amount you pay each month to maintain the status of your policy) will probably increase as a result of this rating, which will remain in effect for as long as you continue to smoke.
The additional rating varies from insurer to insurer, and your life insurance’s final cost will, of course, be based on your other health and lifestyle disclosures.
Nicotine-free vapes
In the UK, there are about 4.3 million vapers, however others prefer to use nicotine-free products. The good news is that some life insurance companies will create an exemption so you can get non-smokers coverage if you regularly vape, even though it has no nicotine and you only use it for the fruity flavour.
However, because each insurer is unique and every situation is evaluated individually, it’s always preferable to work with a brokerage (like us) to help you locate the right coverage!
Why occasionally incur more costs for smokers and vapers?
The National Library of Medicine estimates that smokers lose about ten years of life compared to non-smokers. As a result, since life insurance is all about your health and you may present a greater risk to insurers, your premiums may be higher than those of non-smokers.
Do you smoke in public?
Whether you’re guilty of purchasing an electronic cigarette when you’re out with friends or maybe you enjoy the occasional cigarette outside the pub on the weekends. In either case, your life insurance company will probably still view you as a smoker.
Thinking about being dishonest?
If it wasn’t evident, giving false information on your life insurance application is a very terrible idea and is referred to as “misinformation”; insurers take it very seriously!
Giving insurers a false impression of your health to earn a lower monthly payment will void your life insurance policy, leaving your loved ones without the payout in the worst-case scenario. Life insurance is based on your health history.
What information must the insurers have?
If you smoke, insurers will probably want to know a few important details about your smoking habits, such as:
How much you smoke
What smoking strategy do you employ? (vape, cigarettes, rolling tobacco etc)
How long have you been a smoker?
What can we do to assist?
Don’t let the fact that you smoke, vape, or simply enjoy chewing tobacco prevent you from organising your life insurance. Call us today for a free quote.
