Do We Have To Tell The Insurance Co. That We Smoke When Applying For Life Insurance?
Posted November 27, 2009 – 4:35 pm in: structured settlements FAQMy husband and I are meeting with our insurance agent to discuss life insurance. She asked me if we smoke. We each smoke about a pack a day. Do we have to tell the truth???
Tags: Applying, Have, Insurance, Life, Smoke, Tell, That, When
11 Comments
Yes and the smokers rate is about double that of a non-smoker.
If you lie it will show up on your medical exam, which is required unless you purchase guarantee issue. Guarantee issue is more expensive so you are better off telling the truth and taking the exam.
There are some companies like AXA Equitable which will give you non-smoker rates for your first year if you are trying to smoke, however at the end of the year you will have to redo your paramedical exam and prove you are no longer smoking. It takes about 5 months of not smoking to pass an exam.
Make sure your agent gets quotes from multiple companies. Premiums vary greatly by company and policy type when it comes to smokers. Make sure your agent also shows you the quote page listing each company and the premium amounts.
Oh and something they don’t always tell you premiums for life insurance are just like that for cars. If you pay annually it is cheaper than if you pay monthly.
If you lie, then they can refuse to pay when you die due to fraud.
Yes
LOL
Put it this way, if you smoke a pack a day, and one of you keels over from lung cancer or other smoking related illness, all that premium money you have been paying in will all go up in smoke because you fibbed on the application.
They don’t just pay out on the life insurance when someone dies. They do investigate and make sure that the claim is valid.
Also, when you go meet with your agent, if they are a non smoker, they are going to know immediately when you 2 are in the room. Smokers have a distinct smell to them.
They will ask. Either you lie ( and they will find out, and it will void the policy), or you tell the truth.
Please. Smokers SMELL. Any nonsmoker can tell that you smoke, from 20 feet away. Smokers who think they can hide it, are only fooling themselves. Nonsmokers who don’t tell you that, are trying to be polite.
Yep. And they will swab the inside of your cheek to make sure you are telling the truth. The good news is….if you quit, you can probably get your premiums lowered in the future.
Hay, now days every person have some type of addict don,t worry about it and go for insurance. Very informative blog. I have found the same in http://www.dulawat.com , pls. have a look.
If you don’t, trust me, the blood test will reveal nicotine. Your application will be denied or re-rated based on the fact that you are smokers.
~~Yes, besides it is probably in your medical records somewhere, plus one Xray and they will know. It would void your policy if you are dishonest.~~
Because smokers are at high risk for MANY diseases like Cancer and emphysema that ultimately will cost the insurance company a lot more to keep you alive later if they grant you a policy.
Of course – unless you want to risk insurance fraud. If they find out you will never be able to collect on the policy.
QUIT SMOKING.
If you don’t tell the truth the company can void your insurance and refuse to pay out if you make a claim.