Does Smoking Void a Life Insurance Policy?

Smokers have some life insurance options. But they will have to pay more than the usual amount. If they quit smoking, they will have more choices. It will also enable them to avail the insurance policy at a relatively low rate.

When applying for an insurance policy, the company asks you some questions. You must answer these questions with complete honesty. The insurance company explicitly asks you whether you are a smoker or not. If you do smoke or use any nicotine-based products, state it honestly.

Started smoking after getting life insurance

Once a policy is issued, it is not affected by a change in the habits or health of the insured person. Can relax; beneficiaries do not need to worry about the insurance company denying a payout because they picked up a smoking habit. Suppose we already own a life insurance policy issued to a nonsmoker. In that case, it will not increase prices if start smoking. We do not worry about this affecting our life insurance policy. The life insurance company can not contest a claim, and they can not void the policy.

If you conceal facts about your health or adverse habits, the company will likely know the truth. The company has the right to deprive you of policy benefits. Lying to your insurance company is a fraud that can even land you in jail.

How does an insurance company discover your lie about smoking?

You must state all the information on your life insurance application with complete honesty. A life insurance company can discover the truth in various ways. The company asks you to undertake a medical exam. In this medical exam, the company takes your blood and urine samples. These samples would reveal the truth about your physical condition.

But if you are lucky and have not smoked for the past few days, you may pass this test.

 

Free Life Insurance Estimator

 

What if I start smoking after buying life insurance?

Once you have purchased life insurance, the rates do not change. The insurance company has no concern with habits you adopt after getting life insurance. The chances of people adopting a smoking habit at mature age are meager. The majority fall victim to smoking in their teenage.

How to find the best life insurance rates as a smoker?

You can get the best life insurance rates by shopping around. You discover the best possible package by getting a quotation from various companies. This technique is equally beneficial for smokers and non-smokers.

Why do insurance companies charge higher rates to smokers?

Smoking is highly detrimental to your health. It decreases your life expectancy. Your life expectancy is the primary concern of insurance companies. Your premature death can cause an insurance company massive financial loss. An insurance company may charge you a higher premium to safeguard against a possible future loss.

How long should you avoid smoking to get standard insurance rates?

If you have decided to quit smoking, it will massively benefit you. For the time, even if you forget the affordable insurance rates, quitting will uplift your personality. You will have more confidence in yourself. Your health will improve exceptionally.

You need to be a non-smoker for at least 12 months to get more favorable insurance rates. It is the policy of most insurance companies. But some companies may have a stricter policy in place. They may need you to be a non-smoker for the last five years. Only then will they let you avail of subsidized rates.

What products fall within the smoking category?

Cigarettes are not the only source of nicotine. Some other products do the same job. An insurance company can classify you as a smoker if you use any of the following products:

  • Nasal sprays
  • Dissolvable
  • Lozenges
  • Hookas
  • Inhalers
  • Nicotine patches
  • Electronic cigarettes
  • Cigars
  • Pipes

 

More Blogs:

Why do You Need to Get Insurance for Children

Mistakes to Avoid in Buying Life Insurance!

What is Supplemental Life Insurance?

Share our Blog

Does Smoking Void a Life Insurance Policy?

Follow us

Recent Posts