Cigarette users have been known to suffer low quality of health in the long run and, worse, short life span due to health issues associated with smoking, vaping or chewing nicotine patches. So naturally, insurance companies are wary of selling Life insurance covers to smokers.
Some insurance companies have found a way around it by making smokers pay higher premiums than non-smokers. Though this solution looks like a good business plan for insurance companies, I think they are looking at it the wrong way. Smokers should be part of the target audience. They are more aware of their poor health condition than an average non-smoker. Insurance companies can appeal to the likelihood of their deteriorating health and make them buy covers in droves. If the insurance cover for smokers is lowered, more smokers will purchase, and the company will benefit from it regardless of the risk their shorter life span may appear to cause. But if the insurance policy is very high, smokers who are more aware of their need to buy the cover will be reluctant to purchase.
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Do you fall under the category of smokers?
The Life insurer will need to know if you fall under the category of persons with a smoking habit. Next, the insurer will want to see if you are currently consuming tobacco/nicotine products as a habit? If you used tobacco products in the past four years? Lastly, if you’ve ever consumed tobacco products at all. If any of the answers are in the affirmative, then the insurer categorizes you as a smoker.
Rate of premium charges
Because of the risk involved in Life insurance for smokers, insurers make smokers pay a higher premium after considering their present health condition and age. On the bright side, it is better than no insurance at all. Smokers should take advantage of the system before lesser premium rates for smokers are tapped into because of the large customer base that smokers provide. Regardless, you can be sure of more fun here best newzealand online casinos.
Can you withhold information about smoking?
There is always the temptation to hide your smoking habits from the insurer. Who wouldn’t want the lower rates for non-smokers? However, doing so is a bad idea because lying when filling out your policy application will amount to fraud, and you can be criminally liable. There is also the fact that your insurance policy can be nullified upon discovery.