Smoking is still a daily ritual for an estimated 7.2 million adults, according to the Office of National Statistics. If you classify vapers as smokers - which the vast majority of insurers do - then you’re looking at a further 3.6 million, making the overall figure around 11 million UK adults. In a country of 52.2 million adults, that’s around 20%. But what actually constitutes a smoker? A social cigarette every now and again is very different to fifty-a-day, right? Well, yes, there are vast differences in experience, health and wellbeing within the smoking population - but in life insurance terms, you’re classed as a smoker if you’ve even had one cigarette in the...
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No lectures on health. No nagging about how expensive cigarettes are. Just the facts about life insurance. Whether you’re a current smoker or an ex-smoker thinking about insurance, this guide’s for you. Content How much does life insurance cost for smokers in the UK? We all know about the dangers of smoking and life insurers are no different. This means life insurance is more expensive for smokers than for non-smokers. That doesn’t mean that smokers can’t get covered, or that the products are any different for smokers, it just costs them a bit more. As a rough guide, for every £10 a non-smoker pays each month, smokers can pay between £1-£10 extra,...
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Definition of Smoker for Life Insurance Getting a life insurance policy if you are a smoker is usually a complicated process. As smokers usually pay a higher amount for their life insurance policies. The reason behind this is that they have to pay more money in premiums compared to non-smokers. A smoker’s definition is different in various industries. For example, according to WHO’s Smoking and Tobacco Policy, a smoker is an individual who smokes any tobacco product either on a daily or occasional basis. A daily smoker is termed as a person who smokes any tobacco product at least once a day. As per the life insurance companies, a smoker is defined as one who has smoked at least...
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Life Insurance if You Smoke Smoking doesn’t have to be a barrier to getting life insurance, but it will probably cost you more, because you’re a riskier prospect for insurers. Shopping around can help keep the price down, and quitting can make a difference too. Make no bones about it, if you smoke you’re likely to pay higher life insurance premiums than if you were a non-smoker. That’s because in the eyes of providers, smoking means you’re riskier to insure. This doesn’t have to put you off getting any protection you might need, though. Quitting for at least a year before you apply might mean you’re offered a lower price, but people who smoke can still get cover. Can you get life insurance...
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What happens if you start smoking after you buy life insurance? It’s logical to conclude your life insurance company may have an issue with this. Smokers are charged higher monthly premiums given the health risks that come with tobacco use. As a policyholder with an existing life insurance policy, what are your responsibilities to your life insurer if you pick up a smoking habit post-purchase? Will you face higher premiums? Will your policy be void if you start smoking? We’ll tackle these questions and more in this article. Let’s dive in. Few things lower your life expectancy as much as tobacco use. According to the CDC, over 16 million Americans currently live with a...
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What you should know about Life Insurance if you smoke Whether you are a smoker or not, you will already know the impact that smoking can have on your health. It can also have a negative impact from a financial perspective too. The health dangers of tobacco can seriously affect the cost of your life insurance, and you could end up paying significantly more for your policy compared to a non-smoker. Life insurance can be really important to you and your family and may one day come in very handy. It is important that you know what to expect if you are a smoker or use other nicotine products or replacements. Why does smoking affect your life insurance cover? Your eligibility for life insurance...
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Do life insurers need to rethink their approach to smokers? For many years now, being a smoker who wanted to get life insurance coverage has been a dicey proposition. On the one hand, many insurers may reject these people for the lowest premiums out of hand, meaning that even if they do get approval for coverage, their costs are often quite high. And while it's easy to see the life insurer's side of things in these situations, that may still leave some people who might desperately want life insurance a little marginalized. One of the big issues here is that, while the prevalence of smoking is certainly not at the levels it was even a few decades ago, millions of Americans still do...
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Smokers are aware their habit is dangerous to their health. Quitting smoking is difficult and often takes many tries over a long period of time, if the person chooses to stop. If you smoke cigarettes, even if you’re trying to stop, your ability to purchase life insurance can be limited (or just more expensive). No exam life insurance for smokers can be an even harder hurdle, if you want to pay low rates. Unfortunately, smoking is responsible for about half a million deaths each year. If you’re a regular smoker, life insurance can be a valuable way to provide for your family in the event of an untimely death, but be prepared for a higher premium than non-smokers, period. The good news is...
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What are the benefits of quitting smoking? Quitting may not be the easiest thing in the world, but you can experience so many health and lifestyle benefits when you stop smoking. You can expect to Feel more energised. It’s common to have more energy after quitting smoking. Within just 2 to 12 weeks, your blood circulation improves and activities such as running, and walking feel much easier. Improve your immune system. Quitting will help boost your immune system making it easier to fight off colds and flu. The increase in oxygen can also reduce tiredness and headaches. Improve your smell and taste. Quitting cigarettes give your senses of smell and taste a boost and you may even notice...
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There have been cases wherein customers hide the fact that they smoke from insurance companies. However, a health check-up, which is a pre-requisite for a term insurance plan, is sure to reveal the truth. It will also further complicate your policy claim if the insurer finds this out, once you’ve passed away. All smokers do not have the same smoking habits and insurance companies understand this. That is why they have categorized smokers into three types: Preferred Smoker A preferred smoker is someone who apart from smoking is overall fit. The premium for this type of smoker is the least. Typical smoker This is the kind of smoker with a minor lingering health issue. The premiums charged in...
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