Yes, smokers can definitely acquire a life insurance policy. But when acquiring a life insurance, it is a must that you declare that you are a smoker. Not declaring that you are a smoker could constitute fraud and this is something that is not taken lightly by insurance companies. So if you are a smoker and you are thinking of acquiring a life insurance, read this article to shed some light about your concerns.
You Could Pay Higher Premiums
It is understandable that smokers are required to pay more for their life insurance premiums. If you declare you are a smoker, the insurance provider will place you on the smoker risk category and this would mean that you will have to pay more for the premiums as compared with those who are not smoking. Whether you like it or not, the mortality rate for smokers is higher than those who do not smoke. Thus, insurers are required to assess each applicant very carefully just to verify if they are a smoker or not.
So you might ask how companies would go through the verification procedure just to tell if an individual is a smoker or not. Well, companies will simply ask very specific questions about your health. Insurers would consider you a smoker if you have puffed a cigarette for the past year or even use nicotine patches or tobacco gums. For as long as you puff in some nicotine, you already belong to the smoker risk category of the life insurance policy.
Questions that Insurance Companies Ask
The most common questions that the insurance company would ask is on whether you have used any kind of tobacco product in the last 12 months. If your answer is yes, then you are already considered a smoker and you will have to pay for the higher premiums of your insurance policy. The companies will not differentiate an occasional smoker to someone who smokes a pack of cigarette in a day. For as long as you are smoking, the health risks are pretty much the same in the eyes of the insurers, thus, you are expected to pay higher rates for your insurance premiums.
How Much will You End up Paying?
So now that you know that you could end up paying more for your life insurance, you might be concerned as to how much you could end up paying for your premiums. The answer will basically depend on the insurance company and this is why you should shop for several life insurance quotes before you choose the insurance policy that you want. There are lots of insurance companies online that offer life insurance policies for smoker so better do a search.
Remember that lying about not being a smoker is considered fraud and you could be faced with legal consequences if the company will find out that you are lying. Another thing to consider is that if you die and the company finds out that you were actually a smoker, your life insurance claims will not be given to your beneficiaries.