Non Medical Life Insurance for Smokers.
Statistics Canada’s latest data on smokers shows an encouraging trend. Since 2010, the amount of smokers in Canada dropped from 20.8 per cent to 18.1 per cent.
This downward trend is great news because smoking adversely affects every part of the body.
Why is Smoking So Risky?
Tobacco contains more than 4,000 chemicals, many of which are known toxins. Few people would be willing to drink a cocktail of hydrogen cyanide, lead, acetone, arsenic, and formaldehyde, yet those are just some of the harmful compounds ingested with each puff of a cigarette.
About 70 of the chemical in tobacco are known carcinogens – which means they cause cancer.
Over time, most smokers develop heart, lung, blood vessel and respiratory problems. Smokers are more likely to develop cancer and die prematurely. Female smokers are at risk of cancer of the cervix, irregular periods, infertility premature delivery and delivering babies with a low birth weight.
Male smokers may suffer from erectile dysfunction.
How Does Smoking Affect Life Insurance Rates?
Life insurance rates are tied to health. The more health risk factors you have, the more risky it is to insure your life; the riskier it is to insure your life, the higher the premium you will pay.
Since smoking has been proven time and time again to cause serious, sometimes fatal, health issues, smokers pay double or more the rates of non-smokers for life insurance.
A 40 year old, non-smoking male looking for $1,000,000 in coverage for 20 years will pay $98/month (if he has no health conditions. However, that same male will pay over $270/month if he smokes.
As you can see, smoking doesn’t just affect your health. It affects your wallet and ability to qualify for a great life insurance rate!
Should Smokers get Life Insurance?
Of course, smoking should not stop you from getting a life insurance policy. Life & Health insurance is protection for your family.
Non medical life insurance was designed for people that have trouble getting a good rate because of pre-existing or expected health conditions.
How does Non Medical Life Insurance for Smokers Work?
There are two kinds of non medical life insurance for smokers: simplified and guaranteed issue.
Simplified issue has no health exam. No nurse will visit your home and no doctor’s reports are needed. You will answer a short questionnaire that has some health questions.
You must answer honestly! Remember, each claim is investigated so if you say you have not had a history of heart disease and it is discovered that you had it after your beneficiary makes a claim, the claim may be denied.
Guaranteed issue has no health exam and no medical questions. This is the last resort for people that cannot get insurance any other way. It’s a great option for those that have already felt the effects of smoking such as heart & lung issues.
Some policies have a waiting period. If you die within the first two years, the policy payout is simple a return of your premiums with interest. This is to prevent terminally ill patients from purchasing a policy shortly before they pass away.
Here is how to decide if you, as a smoker, should try for traditional insurance or apply for no medical life insurance for smokers:
- You rarely smoke. Perhaps a couple times a year socially. In this case, you can still qualify for traditional rates.
- You smoke several times a month but are otherwise in great health and you are at a healthy weight. Compare traditional and simplified issue rates.
- You are starting feel the health effects of smoking and are starting to have issues with your heart, lungs, etc. You have other health conditions and you are overweight. Go right for no medical simplified issue.
- You have confirmed ailments from smoking such as cancer, a recent heart attack or stroke, respiratory illness, etc. This is a case for guaranteed issue.
What if I’m Trying to Stop Smoking?
There is great news for smokers that plan to stop. Once you have been smoke free for 12 months you can apply to remove the smoking rating. The underwriter will ask for a complete medical history but if nothing has changed they will often reduce your premium to non smoker.
Get No Medical Life Insurance for Smokers Today
Get your no medical life insurance policy today by contacting a broker. Brokers know which carriers have the products that will work best for you.
If you apply for a policy and are denied, it is much harder to qualify for any other policy, including simplified issue. A broker will direct you to the best policy, and their services are free.
You only pay for the policy, not the consultation. Don’t let smoking prevent you from getting the life insurance you need. Contact a broker today to get affordable coverage.