Finding the Best Life Insurance Coverage When You Use Tobacco
Can I get affordable life insurance coverage if I smoke or chew tobacco?
Finding affordable life insurance coverage when you chew or smoke tobacco regularly can be challenging.Ā
Some life insurance companies wonāt issue a new life insurance policy to a tobacco user and those that do can charge up to 5 times more premium when compared to premiums for non-tobacco users.
Let’s Put a Plan Together
Contact a Life Insurance Specialist at Decision Tree Financial
The good news is, when buying life insurance coverage from Decision Tree Financial, we know which life insurance companies provide the best life insurance rates for smokers and tobacco users so we can help you get the life insurance coverage you need at the lowest possible premium. Many of the carriers are not even listed on our free online life insurance quote tool, but if you choose to use it, you can get an idea of the rates for term life insurance for tobacco users.
Life insurance is important coverage to own. Don’t let the higher rates for tobacco users deter you from buying coverage.
Tips to get the best life insurance rate when you are a tobacco user
Having sold millions of dollarsā worth of life insurance to tobacco users, Ā there are definitely some tips that can ensure you get the right coverage at the best price:Ā
Don't try to outsmart the life insurance company!
Be honest with your tobacco use. When we ask you if you are a tobacco user, donāt say you are not one when you are. The life insurance companies are going to do their due diligence and do their best to find out if you are a tobacco user or not. They may do a blood test that will show nicotine in your blood and review doctors’ records which will typically have notes in them indicating whether you use tobacco.
If you do happen to get a life insurance policy issued at a lower premium even though you use tobacco, understand that the policy may not pay your beneficiaries the insurance benefits they thought they would get. Life insurance is a contract, and if the insurance company can prove that you made a false material misrepresentation during the application process, the contract is voidable. Before Multi-Billion-dollar life insurance companies go out and pay millions of dollars in claims, they take the time and spend the money to make sure they are legitimate.
They have the right to talk to friends, family, and coworkers and look at your social media accounts to see if there is a picture of you holding a cigarette when you said you didnāt smoke.
Even if you smoke "the occasional cigar" disclose it to your agent
The fact is nicotine will not show up in your blood if you have the occasional cigar or drag. Let the insurance company know exactly what you use. Decision Tree Financials life insurance agents are field underwriters. When we know the truth, we can tell your story to the insurance companies we apply to. If you are less than truthful, there may be little we can do to help you.
Should you quit using tobacco before you apply for life insurance?
First of all, congratulations for trying to kick your tobacco habit. It is expensive and stopping will save you money both directly and indirectly, such as paying less for your life insurance coverage. But should you wait until you quit to apply for life insurance, or should you take action now?
This is a really good question. If you are buying permanent life insurance such as universal or whole life, it is 100% better to wait until after you have stopped using tobacco. However, you should at least buy the cheapest term life insurance we can find you to carry protection while you work on quitting. Donāt go without coverage.
If you intend to buy term insurance all along, consider buying a lower-cost 10-year term life insurance policy to have coverage. When you have kicked the habit and if you havenāt developed any health issues that could make you uninsurable, you can apply for a new life insurance policy and receive a non-tobacco rate.
The best time to buy life insurance IS RIGHT NOW!
What should you do next if you are a tobacco user looking to get life insurance coverage?
To find the lowest cost life insurance coverage for you, determine how much life insurance you want with our life insurance needs calculator and get a quote from over 30 life insurance companies. Know that the list on our quote tool are only a few of the companies we represent so when you are ready to buy contact us and we can go to work finding you the best life insurance plan at the lowest possible cost.
