Not only is smoking tobacco a nasty, disgusting habit, but it can also hurt your health. And dying young of cancer, heart disease, or emphysema is no joke. Not only that, but it can potentially cost you money when it comes to buying life insurance. That is why if you want to save money, quit smoking right now.
Medlife Insurance generally is a Higher Life Insurance rate for Smokers
Did you know that generally speaking, life insurance companies typically charge smokers a higher premium rate because nicotine use is considered a huge risk factor when it comes to dying young?. In fact, life insurance companies generally have separate rating tables for the same amount of coverage for smokers and non-smokers. Smokers typically pay significantly more than non-smokers. Because life insurance companies generally consider smoking to be a life-threatening risk, it is assumed that a smoker will not be paying their policy for as long a term as a non-smoker, one reason for the resulting higher premium rates. The longer the period of time you are paying for your policy, the lower your premium rate will also generally be.
But Quitting Smoking can result in Lower Medlife Insurance Rates
If you are a smoker, quitting and being nicotine-free for a significant period of time may save you money in life insurance premiums in the long run.
According to the National Association of Insurance Commissioners, it is generally possible to get lower life insurance premium rates if you quit smoking. However, most life insurance companies require that you be nicotine-free for a period of 12 to 24 months before you may qualify for the lower rates.
Should I admit that I am a Smoker when applying for Life Insurance?
If you are a smoker and you are applying for life insurance, it is best to be honest about your smoking habit. Most life insurance companies require a medical exam as part of the application process. Even if you are a casual smoker, nicotine readings will show on the blood and urine samples you are typically required to supply during the medical exam, and the life insurance company will know about your habit anyhow. So tell the truth.
Should I wait until I have quit Smoking to get Life Insurance?
If you are a smoker and feel you need life insurance, do not wait until you have quit smoking to get life insurance. You may not be able to guarantee how long it will take you to quit smoking and remain nicotine-free for a given amount of time. Obtain free, no obligation quotes from different life insurance companies and compare your options. Some life insurance companies do not offer smokers coverage, so it may be to your benefit to shop around as much as possible to get as many options for coverage as you can.
If you decide to quit smoking and have not smoked for a year or two, you may always appeal to your life insurance company about your smoke-free status and ask if you qualify for lower premium rates. You may have to take tests to show that you are no longer smoking, but the result may benefit you in that you may then qualify to pay less on your life insurance policy.
In summary, quit smoking if you can—the sooner, the better – but in the meantime, shop around to get life insurance coverage now. Once you are a longer-term ex-smoker, you could potentially save money on life insurance. Good luck.
To learn more about medlife insurance policies for smokers and ex-smokers, visit MedlifeInsuranceNet for additional information.
Lisa Swan writes on a variety of health and life insurance topics.
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