Finding the Best Life Insurance Coverage When You Use Tobacco
Can I get affordable life insurance coverage if I smoke or chew tobacco?
Finding life insurance coverage when you chew or smoke tobacco regularly can be challenging. Some life insurance companies won’t issue a new life insurance policy to a
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tobacco user and those that do can charge up to 5 times more premium when compared to a non-tobacco user. The good news when shopping for life insurance coverage from Decision Tree Financial is we know which life insurance companies provide the best life insurance rates for smokers and tobacco users and we can help you get the life insurance coverage you need at the lowest possible premium.
Tips to get the best life insurance rate when you are a tobacco user
Having sold millions of dollars’ worth of life insurance to tobacco users, there are definitely some tips that can ensure you get the right coverage at the best price:
Don’t try to outsmart the insurance company – Be honest with your tobacco use. When we ask you if you are a tobacco user don’t 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 text which 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 the 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 your social media accounts to see if there a pictures of you holding a cigarette during the time you said you didn’t smoke.
Even if you have the “occasional cigar” disclose it. – 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 are applying to. If you are being 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 buy term life insurance to carry protection while you work on quitting. Don’t 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 haven’t developed any health issues that could make you uninsurable, you can apply for a new life insurance policy and receive a non-tobacco rate.
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.