How Smoking Can Affect Your Life Insurance
Topics: life, insurance, policy, level, term, mortgage, smoking, ban, smoke
Now the smoking ban is firmly in place in England, Scotland and Wales it seems that higher numbers of people are starting to quit the habit. Smoking has a big influence on life insurance premiums. In fact smokers on average pay 60% more for their this type of insurance than non-smokers. That is fair and reasonable you might think with the all the medical evidence advising that smoking can seriously damage your health. However the question many smokers may ask is what happens if I quit?
It is not that well publicised but insurance companies normally class people as non smokers once they have given up on all tobacco products for a period of twelve months. Insurance companies consider tobacco products to be cigarettes, rolling tobacco, chewing tobacco, snuff, Swedish Snus, Gutka and tobacco water. It is important to be clear with your policy provider as life insurance is undertaken with a legal description of ‘utmost good faith’. This means that both you and your policy provider accept that the other is working in good faith without having to sift through the small print on your policy.
So let’s consider this, life insurance is something you take out for peace of mind and then file away somewhere in the hope it will never be needed, so it not difficult to imagine there are numerous ex smokers out there who have done just that and are consequently paying smoker rates for their policy when in fairness to them and their respective insurer, they should be paying less on non smoker terms.
So if you are one of those people that have quit smoking over twelve months ago it is well worth looking at the cost of your existing life insurance to see if you have an opportunity to save some money. Contact you policy provider and explain your change in circumstances. Get a revised quotation on non smoker terms to see if you can take advantage of the lower premiums available on non smoker terms.
There are many methods to obtain a life insurance quotation, you can employ the services of an Independent Financial Adviser, use your high Street bank or Building Society or you can get a quote on line via the Internet.
The cost of Life insurance can vary greatly between different providers so it is therefore well worth shopping around to compare prices to get the best deal. There are many websites that offer a comparison service that can make your search for the right policy quick and easy.
If you are thinking of ever replacing an existing policy always make sure the new policy is accepted by the new insurer and the policy is fully in force before cancelling an existing plan.
Life Insurance specialist Shaun Parker has been managing policies for over 5 years. For more information visit www.theidol.com
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