Q. I am a casual smoker, will that impact my life insurance application class?
A. Unfortunately the answer is yes. From the insurance company's point of view, there is no difference between a casual and heavy smoker, the medical exam results will tell the insurer that you are a smoker. Generally, a smoker's annual premium will be 3-5 times higher than a non-smoker's annual premium.
So, what to do if I am a smoker and faces a high premium?
The answer is simple - quit smoking now!
After quitting smoking for 1 year, you can reapply life insurance, if everything else works fine, you can potentially get a Standard class.
If you quit for 2-3 years and reapply, some insurance carriers could consider you for Preferred class (Banner probably has the best policy here - you can reapply after 2 years).
If you quite for 3-5 years and reapply, most insurance carriers could consider you for their Best underwriting class.
Or you can take a smoker class for now and activate your policy, then quit smoking for a year or two, then asking your current insurer to reevaluate its decision. It is very likely the underwriting department will revisit your class decision and potentially improve it, assume everything else not an issue.
A. Unfortunately the answer is yes. From the insurance company's point of view, there is no difference between a casual and heavy smoker, the medical exam results will tell the insurer that you are a smoker. Generally, a smoker's annual premium will be 3-5 times higher than a non-smoker's annual premium.
So, what to do if I am a smoker and faces a high premium?
The answer is simple - quit smoking now!
After quitting smoking for 1 year, you can reapply life insurance, if everything else works fine, you can potentially get a Standard class.
If you quit for 2-3 years and reapply, some insurance carriers could consider you for Preferred class (Banner probably has the best policy here - you can reapply after 2 years).
If you quite for 3-5 years and reapply, most insurance carriers could consider you for their Best underwriting class.
Or you can take a smoker class for now and activate your policy, then quit smoking for a year or two, then asking your current insurer to reevaluate its decision. It is very likely the underwriting department will revisit your class decision and potentially improve it, assume everything else not an issue.
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