Smoking and life insurance… Certainly, it is not the most favorable combination, but it is possible to purchase life insurance despite this circumstance. However, if you are a smoker (occasional or heavy), and you are planning to apply for a policy, it is crucial that you consider certain details.
In general, insurance companies are not very benevolent towards smokers (or alcoholics). In addition, most companies use medical exams to find out the nicotine levels of applicants. Therefore, the costs will be higher compared to non-smokers.
But wait, there are more things to take into account, are you interested in knowing more about it, then you are in the right place! As Lewer Canada, the best life insurance brokerage in Quebec, we will present you essential information you should keep in mind, about smoking and life insurance. Let’s get started!
Can a smoker purchase life insurance?
The answer is yes, even if in some cases, no. However, almost all smokers can have access to life insurance, but they will have to pay much, much more than non-smokers. Why is this? The reason is simple: smokers have a shorter life expectancy, so they become a financial risk for insurers.
Of course, this is nothing new. Smoking is one of the major health risk factors. People who smoke are more prone to chronic diseases and other lethal problems, such as:
- Cancer.
- Hypertension.
- Heart disease.
- Asthma.
- Diabetes.
- Mental illness.
- Stroke.
- Etc.
For such reason, insurers prefer not to tempt fate, or else they offer life insurance with exaggeratedly high rates. The more smoking-related health problems a person has, the riskier it is to insure his or her life. Consequently, the higher the premium that person will have to pay.
Disadvantages between smoking and life insurance
According to statistics and various studies in Canada and the United States, smokers who apply for life insurance pay between 40% and 100% higher premiums than non-smokers, depending on their medical history – an abysmal difference to be paid over the term of the coverage!
Long terms: when does one stop being a smoker?
Another big problem, between smoking and life insurance, is the application period. Many insurers set long deadlines if you want to apply for lower premiums. For example, some insurers state that applicants must prove that they have quit smoking for at least 12 months.
However, other insurers are stricter on the percentages of nicotine detected in blood and urine. They may even deny your life insurance if you have other co-morbidities. That’s why our experts at Lewer Canada recommend that, if you’re looking for comfortable rates, you need to have quit smoking for at least 3 to 5 years.
But why so much inflexibility? Well, smoking is a counterproductive addiction for insurance companies. Occasional smokers can become regular smokers, even severe smokers. Any nicotine user, in any form (cigarettes, pipes, cigars, gum or patches), is usually not accepted.
However, nowadays there are many insurers that offer life insurance against addictions, to improve the quality of life of applicants, through rehabilitation and support programs.
Can smokers take out life insurance?
The answer is yes.
In fact, smoking should not be an impediment to applying for life insurance. Life insurance is a form of financial protection for your family and loved ones. This way, if you pass away, your policyholders can use that money to pay off debts, loans and other living expenses.
However, as mentioned above, you will have to be prepared to pay high premiums and fees up to three times the normal rate. If you can afford to do so, go for it! But if you don’t have the money, you may want to think twice.
The consequences of lying about smoking
Lying on a life insurance application is not a good idea. For example, if the truth is discovered, after a medical check, there is a possibility that the beneficiaries will not receive the benefits, following a death of the policyholder who lied. Of course, this is a very rare and isolated case, but denial is possible.
For this reason, insurers are responsible for investigating everything in great detail. This includes medical exams, pharmaceutical databases, medical history, social media and even voice detection. These tests are infallible.
Is their cheap life insurance for smokers?
Fortunately, many insurance companies have relaxed their policies and offer more flexible policies. So, if you are looking for affordable life insurance for smokers, you can apply for life insurance without a medical exam. These insurances do not require clinical tests or inquiries about your health history.
Amazing, isn’t it?
The insurers providing these insurances are based on age, gender and brief, non-intrusive questionnaires. However, the coverage amounts of these insurances are lower, compared to traditional insurances. In any case, these insurances are ideal in the short term.
The other option is to opt for a traditional life insurance. To do so, you have to prove to the company that you have quit smoking within a set period of time, at least for 1 year. In this way, it is possible to get a better price and thus request a rate modification, after having undergone other medical examinations and being considered a non-smoker.
Get advice from the best life insurance professionals at Lewer Canada
Now that you know all the essential information between smoking and life insurance, use this knowledge to your advantage! As you can see, smoking will not only affect your health, but also your pocketbook. Keep in mind that this addiction greatly impacts the rates and the possibility of getting affordable and comprehensive life insurance.
So, if you need professional advice to make smart decisions, we can help you!
At Lewer Canada, we offer you the most qualified life insurance advice. With us, you can take out an affordable policy and get comprehensive coverage, to benefit your loved ones in the future.
But that’s not all! Our prestigious company offers you various group benefit packages and programs to benefit your employees and protect your investments. Our coverages are the right solutions to support your staff and their families.
In addition, we provide you with comprehensive administrative and life insurance consulting services. Our highly qualified staff is ready to listen and attend to your problems. Our goal is to empower your company and satisfy your needs.
As if that were not enough, we have more than 60 years of experience and dozens of satisfied clients, from small to large companies. You can visit our office in Saint-Martin Blvd West, suite 410, Laval. You can also inform yourself and learn more on our blog.
For more information about us and our services, contact us by clicking on the image below! We are Lewer Canada, the solution for the benefit of your employees.