CHICAGO, Dec 17, 2021 (GLOBE NEWSWIRE) — People who smoke may not have appropriate life insurance policies because they believe they do not qualify. But the good news is that tobacco users may be able to get life insurance, only at higher rates. So for those who smoke or love someone who does, here’s what you need to know about someone who qualifies Life insurance for smokers And why is it necessary.
Eligibility for life insurance for smokers
There are many factors that insurance companies will take into consideration before issuing a life insurance policy.
- Omar: Typically, younger individuals who are in better health pose lower risks and may qualify for better rates than older people.
- gender: Since women tend to live longer than men, applicants may qualify for better rates, all other criteria being equal.
- Health status: Life insurance companies will ask questions about things like risky behavior, a cancer diagnosis, and family history. More risks or a history of disease may increase rates.
- tobacco case: Applicants are generally considered smokers if they have smoked in the last 12 months. But it’s important to keep in mind that different life insurance companies may have their own standards for what counts as smoking. Smoking usually includes cigarette smoking but may also include:
- Electronic cigarettes and vaping
- Chewing tobacco, snuff, soluble tobacco, etc.
How are smokers rated for life insurance
Life insurance companies classify smokers and non-smokers by risk. Companies may have different names for their classifications, but some of the commonly used categories are:
- Non-smoker preferred: Those accepted into this category are in excellent health, including good blood pressure, weight, and cholesterol readings. To be accepted into the preferred or highly preferred category, there must be no history of early death of parents or siblings due to cancer or heart disease. Applicants must also have a clean driving record with few infractions and moving accidents.
- Standard non-smoker: The average person falls into the standard category. These applicants may be overweight or receive treatment for high blood pressure. They may also have a family member who died prematurely from heart disease or cancer.
- favorite smoker: Smokers who will gain status in the preferred category fall here. If someone is trying to quit smoking, it will take about five years before they can qualify for the best non-smoking rates.
- Standard smoker: Smokers who would be placed in the standard non-smokers category are categorized here.
Not everyone is strictly categorized into preferred or standard prices. It may be due to a health condition such as diabetes or cancer. If someone is unsure of how to rate it, it is wise to speak to the insurance company to confirm.
Why smokers may need life insurance
Some smokers who are trying to quit smoking delay purchasing life insurance until they can get a better rate. But if they die unexpectedly before this happens, their loved ones may be in a bad financial situation.
The primary purpose of a life insurance policy is to provide financial protection for loved ones, whether it is replacing income, covering eventual expenses, or leaving an inheritance. For these reasons and peace of mind, it may make sense for a smoker to take out a life insurance policy despite the higher prices.
It is possible to get a life insurance policy as a smoker. But smokers can expect to see lower death benefits and higher insurance premiums as a result. Therefore, if someone took out a life insurance policy as a smoker and later quit, it is important to return to the life insurance company to explore any policy options and rate changes.
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