Life Insurance, it’s a massive decision to invest in your future outcome so you can provide financial support for your survivors. You want to get the perfect policy, but how do you go about it? The process can takes weeks and confusion always starts during the research period. Affordable life insurance.
If you think you’re ready to apply for a plan I suggest taking a step back to recognize all the issues, factors, and questions that the carrier and underwriter will take into consideration when they review your application.
One of the biggest factors they are going to be considering when you apply for coverage is if you smoke.
Being listed as a smoker on your insurance application can have serious effects on your life insurance policy. It’s vital you get the life insurance protection that you and your family need.
If you need a life insurance policy, and you still smoke, or have recently quit, you’re absolutely in the right place.
The Available Types of Life Insurance For Smokers
Several steps in the life insurance process are essential in getting the best plan to fit your needs.
You first should research the best type of plan to fit your life insurance needs. The two main types of plans are term life insurance and permanent life insurance, both of them have different advantages and disadvantages.
Term Life Insurance
A term life insurance policy is the most attractive option because it’s the most affordable form of coverage.
They are sold in a variety of lengths, but most companies sell a 10, 20, and 30-year term life insurance policy.
After that period is up, the plan is no longer valid, and you’ll have to reapply for coverage. Since they stop coverage and the end of the term, they are the most affordable option to get life insurance protection.
Permanent Life Insurance
The other option is a whole life policy, which is a permanent form of coverage.
These plans are effective provided you make the monthly payment. They are a great option for anyone who is looking to get coverage without having to worry about reapplying in the future.
Because they don’t have a set term, the cost is higher than other life insurance options, however.
These are just the broad categories of coverage that you can choose from.
Inside of those categories are several sub-types of policies which all have different aspects that can change your coverage. For example, there are variable life insurance policies and burial insurance plans that are both different forms of the two main types of coverage.
Smoking and Life Insurance
When you apply for life insurance coverage, the company is going to want to understand how much of a risk you are to insure before they accept your application.
There are several ways they are going to do this:
Selling life insurance policy
the first way is by asking you dozens of questions on the health questionnaire. These questions are going to revolve around your current health and your family history, among other things.
Additionally, the insurance carrier will ask you to take a exam before they accept your application, unless you choose a no medical exam insurance policy, which will likely come with slightly higher premium rates.
One of the main questions is what type of tobacco you use. This actually does make a big difference. Here are the common selections you’ll get:
During the medical exam, there are several different health numbers the insurer is going to want to see.
They are going to get your weight, blood pressure, cholesterol, and they will also take a blood sample and urine sample. The medical exam results are going to play a huge role in how much you pay for your life insurance policy.
The results are going to go through the medical underwriting, and will determine if you are accepted or declined.
If you’re a smoker, there is no point in trying to lie about your tobacco usage or smoking.
With the medical exam, they’ll see that you’re a smoker. Lying on the application will delay the whole process, and could have drastic impacts on your payout down the line.
Getting Affordable Life Insurance Coverage
If you want to get affordable life insurance coverage, there are several ways to go about it. Making simple changes can have an enormous impact on how much you pay for your life insurance.
The first thing that you should take control of is your health. Simple steps by starting to eat better, not a fad diet, but food in moderation are key. Combine that with moderate exercise and you’ll see those levels drop and some weight too!
We know it’s difficult, but it will cut your premiums in half, literally. If you smoke, your rate will double for equal coverage over what non-users will pay.
If you want the most affordable life insurance plan for your family, you’ll want to quit using tobaco. Not only will this save you money by not getting smoker’s rates, but it will also improve your overall health, which is going to translate into even more savings.
In either case, the fastest way to save money on your life insurance policy is by working with an independent agent.
We are not like captive brokers, our independent insurance agents represent several insurers that are rated high by many agencies. There are several advantages to working with an independent agent versus an insurance agent who works for one single company.
The first, and most important benefit, is you’ll save money on your life insurance plan. As we mentioned, every insurer has different underwriting and standards for smokers, which means you could receive drastically different results depending on the company alone. It’s important you get quotes from as many companies as possible before you choose your plan, but calling all of those companies could take weeks. Instead, allow us to do the research.
The other advantage to working with an independent insurance agent is we can answer any questions you have and point you in the direction of the plan which is going to fit your life insurance needs the best. Because we don’t work with one specific company, we aren’t going to try and sell you the most expensive plan or try and push additional coverage you don’t need. We are working to give you the best plan at the most affordable price, period. We know we need to earn your trust to earn your business.
No Exam Policies For Smokers? You Bet!
If you’re a smoker, and you have plenty of pre-existing conditions, you could be worried you’re going to be declined for life insurance coverage.
Regardless of your health, or if you’ve been rejected in the past, there are still affordable life insurance options for you.
A no medical exam insurance policy is one option for anyone who can’t get life insurance coverage through traditional methods. You’ll be able to apply and get approved quickly for coverage you need, and as a bonus you do not have to undergo a medical exam.
There are a couple of issues with these plans you need to take into consideration.
The first, and most obvious benefit, is anyone can buy one of these plans, regardless of health or any severe health complications. It doesn’t matter what shape you’re in; you can get the life insurance coverage you deserve.
The next advantage is you can get life insurance much quicker with a no exam plan than you would get with a policy requiring medical underwriting. With a no exam plan, you’ll be able to get life insurance protection in a matter of days (or even instantly) versus the month it could take with a traditional insurance policy.
On the flip side, there are a few disadvantages that you might not want in a policy.
Expense is one problem. Since you aren’t able to show the carrier your risk to them, they’ll charge you more per month for their liability.
Another disadvantage is the limitation on how much life insurance you can buy.
Most insurance companies only allow you to buy up to $50,000 in one policy. If you want more coverage, you’ll have to buy an additional plan from another carrier or go with a traditional term life insurance policy.
How long does it take for nicotine to leave your system for life insurance?
One of the most common questions applicants ask is, “Well, how long does nicotine stay in your body?”
This is an important question for anyone who is looking to quit smoking and wants to get the lowest rates on an insurance policy. Because life insurance is such an important investment, it’s vital you get protection as soon as possible.
When you take the medical exam, they are going to test for nicotine (or cotinine), and there is no way to hide it. If you want to get non-smokers rates, you’ll have to wait until the traces of nicotine have left your body completely.
The answer to the question depends on a variety of factors, of course. The biggest factor is the type of test they use to detect the nicotine.
Most insurance companies are going to use a urine test because they are cheapest and easiest test to do, but they are also the least sensitive to traces of tobacco. With urine, they can only detect nicotine from the past one to two weeks, in some cases.
Another test they could use is a hair test, which is much more sensitive than a urine test. With a hair test, they can detect nicotine for up to a month after. In some cases, they can detect it even longer than that.
Life insurance agencies
The company could also use a blood test. They tend to be just about as sensitive as a urine test, and a blood test can detect nicotine for several weeks after you’ve smoked a cigarette.
You HAVE to tell the company when you’ve last smoked, dipped, or used any type of tobacco products. For most carriers, it has to be at least ONE FULL YEAR!
Lying on the application can void the contract, so even though you could technically pass the exam tests for nicotine, think twice before you game the system.
How Much Life Insurance Do You Need?
Aside from choosing the right kind of plan, you have to be sure the face value of your policy is enough. Buying a plan is great, but it can be stressful if it only covers part of your expenses.
When you’re calculating your life insurance needs, there are several different factors you need to account for.
The first things are your debts and final expenses your family would be left with.
The primary goal of your life insurance is to give your loved ones the money they need to pay off your debts. Add up all of your expenses, everything from the mortgage, to car payments. Without the proper coverage, your family could be left with a massive amount of debt.
The next thing you should account for is your salary. If you’re the main sources of income in your household, your family will suffer to keep a certain lifestyle if you were to die. Your life insurance plan can help replace your paycheck or any other source of income to give your family the support they need without sacrificing their standard of living.
You can also add other things in, too, like college expenses, retirement funds, or other needs you may have, but these two are the most important.
Smoker’s Life Insurance: It’s What We Do
Life insurance is one of the most important purchases you’ll ever make for the future of your family. It’s the best way to ensure they will be protected, regardless of what happens to you, but we know it can be difficult to find the perfect plan to fit your needs.
Excuses keep you from doing things, but this is a case where an excuse SHOULDN’T keep you from doing something. Concerned about potentially high rates because of tobacco use? We understand. Call us today and let us answer any question you can think of.