What is the impact of smoking on Whole Life Insurance Premiums?

Since smoking has a huge effect on increasing the chances of contracting health issues, Whole Life Insurance Premiums are going to be highly inflated. For instance, James, one of Canadian LIC’s clients, determined that his premiums were more or less 80 percent higher than those of nonsmokers. That is because an extra risk of health issues, including heart disease and cancer—a usual case among smokers—is taken into consideration by the insurer.

Yes, competitive Whole Life Insurance Quotes are still within reach for a smoker. Canadian LIC shops a number of leading insurers to ensure you get the best rate available. We recently helped a client named Marina, who took matters into her own hands, canvassing directly for the best quote. Seeing high quotes being quoted for her by every insurer, much to her frustration, we were able to provide more reasonable pricing for her without giving up coverage for what she wanted.

By quitting, you are putting yourself at risk of qualifying for lower Whole Life Insurance Premiums. Normally, an insurer would ask that you have abstained from smoking for at least 12 months before you are put in the nonsmoker category for premium purposes. Kevin is very happy to know that he can now reduce his premiums by 50% since he stopped smoking three years ago and is able to prove that he has really quit smoking.

Most Whole Life Insurance policies do view smoking as one of the risk factors and charge accordingly. Some policies, explicitly drafted with regard to smokers, may have better terms. At Canadian LIC, we will help you go through these options and find a policy that will appreciate your efforts by reducing the frequency of smoking or attending cessation programs.

Since Canadian LIC comes with the expertise in securing the best Whole Life Insurance policies for smokers at competitive rates, we would take our expert network and its knowledge to compare quotes, explain the policy, and ensure fair treatment from insurers. As such, when Tom came to see us, he was overwhelmed by the complexity of the terms and the high premium rates. We took him through the steps to make sure that he understood every piece of his policy and received a rate that reflected his lifestyle.

Full disclosure is imperative when applying for Whole Life Insurance. You will have to be honest about the frequency of your smoking and the quantity you go through. This can help Canadian LIC to provide you with the best possible Whole Life Insurance Quotes with no problems down the line. Remember, nondisclosure may result in problems with claim or policy validity. There is the example of a client, Rick, whose claim had been denied because of undisclosed smoking.

We would suggest a review of a Whole Life Insurance Policy a minimum of every two to three years or after any significant change in your smoking habits or health. This will keep the policy competitive and up-to-date with your present needs; whatever changes were made to smoking and health status can result in things that lower premiums. We did a policy review with one of our clients, Lina, after she successfully quit smoking and moved her to a lower premium rate class.

Yes, improved health can get you better Whole Life Insurance Premiums. Maintaining a healthy weight—quitting smoking, exercising, and keeping other health conditions controlled—all have positive implications for your rates. We helped many clients, like David, make changes that netted them the best-reduced insurance costs tied to an improved health profile.

Most insurers have a threshold of 12 months for an individual to achieve nonsmoker status. That may vary from one insurer to the other, though. At Canadian LIC, we recently helped Paul, who was quitting smoking and looking to lower his Whole Life Insurance Premiums. We took him through documenting his smoke-free status and worked with the insurance provider to have his premiums lowered after the required period.

They will want to know how frequently you smoke, or how often you smoke, what you smoke with—cigarettes, e-cigarettes, cigars, etc.—and how long ago you started smoking. Your answer should be accurate and detailed so that insurers can provide Whole Life Insurance Quotes that reflect your real risk profile. For instance, Jane at Canadian LIC used to smoke cigars occasionally rather than cigarettes daily, which impacted her insurance quotes differently.

Exposure to second-hand smoke, on its own, will not affect insurance premiums unless it has caused any medical conditions. However, any health problems caused by second-hand smoke must be disclosed when completing an application. We once had a client, Eric, whose spouse smoked heavily. He had some chronic lung issues from years of second-hand smoke that we were able to help him describe on his application, so the underwriters understood the origin of his health concerns.

Proof may be required through a nicotine test or physician’s records that you are a nonsmoker. At Canadian LIC, we help clients like Alice with this part of their insurance application. Alice had quit smoking and wanted her Whole Life Insurance Premiums adjusted accordingly. We coordinated with her healthcare provider to obtain documentation that confirmed she was a nonsmoker.

This could mean that premiums for smokers are radically different—up to two to three times higher, depending on the age and general health of the individual—from those for nonsmokers. For instance, when Canadian LIC client Brian compared his premiums as a smoker with those after he quit, he found a substantial difference that helped motivate him to stay smoke-free.

Indeed, some of them do have specific policies targeted at smokers, and such policies are usually more expensive than others. In such special policies, enhanced risks are accounted for, but the benefits may also be oriented to address needs relevant to smokers. We can often advise on smoker-specific policies, as Mike is looking for, in order to find the best cost versus coverage trade-offs.

Yes, you would want to update your policy if you start smoking, for instance, after the policy has been issued, to keep your coverage valid. Failure to do so can result in a denial of a claim. We help our clients go through the steps of updating their policies to correlate with their current smoking status so that coverage remains in force and on terms reproductive for the client’s actual lifestyle.

In contrast, health checks for smokers compared to nonsmokers may be relatively rigid. They typically include tests for lung function and screening for smoking-related conditions. At Canadian LIC, we advise our clients on how to prepare for such tests and the best way to present their health condition.