Looking for a quote for life insurance or burial insurance? Click here and send me a message with details of what you’re wanting to accomplish. If you’d prefer to talk live, call 888-626-0439 to speak with me directly.
Most Likely You’re Here Today Because You Are A Casual Smoker Who Is Looking Into Buying Life Insurance
Perhaps you have actually talked to an agent and applied, only to find out since you do occasionally smoke, you were rated as a nicotine user or smoker and got much higher rates because of it. I’m guessing your objective in reading this article today is to figure out if there is a way around being rated as a smoker if you honestly only smoke on the rare occasion.
My goal for you in this article is to give you all the options available to you as a casual smoker and explore what your rates might look like in a best case scenario given the fact that you are a casual or occasional smoker.
Here’s An Overview Of Today’s Topics:
- Casual Smoker Categories
- If I Smoke Cigarettes Occasionally, Should I Not Disclose That I Smoke?
- Burial Insurance Rates, Age 40 to 90*
- Strategies To Get More Affordable Coverage
Casual smoker categories
What I’d like to first start off with is describing the different sets of smokers that insurance companies will look at and then give you an honest analysis as to what your capability of applying and being approved for nonsmoker or non tobacco coverage will be if you’re only an occasional smoker. So let’s get started.
Unfortunately by following the exact wording on the application, even if you’ve smoked only a few times, or even one time, within the past 12 to 24 months, or for the period stated on the application, you will be rated as a smoker.
And trust me, I understand this doesn’t seem fair when there are people out there who smoke a pack or two a day and you find yourself rated in the same exact category as them. Its pretty depressing and somewhat frustrating. However, stick with me because we’re going to talk further down the line about strategies you can use to reduce your overall expense on your life insurance policy. By following a few quick tips – tips that not a lot of life insurance agents suggest to occasional smokers – you can find a policy that is right for you.
E-Cig and vapor
If you use an e-cigarette or a vapor in order to cut your habit you’re going to find most companies, with the exception of possibly one or two, are going to rate you as a smoker. If you have been rated as a smoker and want to see if you have other options above and beyond the rating that you may get as a smoker to lock in a cheaper price, contact us at Buy Life insurance for Burial by either requesting a quote or calling us directly.
There are some companies that have been known to be more lenient for e-cig and vapor users. Sometimes these companies are able to get the applicant non tobacco rates. But this obviously will not be the case for cigar and cigarette smokers.
Cigars and cigarillos
Those who smokes cigars, cigarillos, or any sort of cigar generally have much more favorable offerings than someone who smokes cigarettes, regardless of if the person smokes cigars on an occasional basis or regular basis. There are some companies out there that will issue your coverage as non nicotine use.
The reason this is the case is because a few insurance companies that do consider cigar or cigarillo smokers do not believe they are nearly as high of a risk as someone who smokes cigarettes. Their opinion on this matter stems around the fact that most cigar smoke is not inhaled and the impact of such cigar usage does not register as high as repeated smoking does.
So if you are a cigar or cigarillo smoker and you smoke on occasion or even on a regular basis, we can help you find non tobacco non nicotine rates that’ll be much lower than what many of the competition will provide you.
If you smoke a pipe on occasion, just like in the above example with cigars, you will find that there are a few companies that will offer you non nicotine, non tobacco rates, which will give you a much better price point on your life insurance coverage.
If I smoke cigarettes occasionally, should I not disclose that I smoke?
This is a question that many people will eventually have go through their mind. If I only smoke on occasion and I’m not a heavy smoker, why don’t I just not admit to smoking and try to get a policy issued at a nonsmoking rate with an insurance agent who’s been around for a long time.
There’s several reasons why this is not a wise idea. First, it’s dishonest. I believe we live in a world where what goes around comes around – many call it Karma. If you are not totally honest on an application, it’s going to show up elsewhere in your life. The more dishonest you are, the less satisfaction you’re going to get out of it. And probably the more trouble you’ll experience too. It could put your life insurance coverage at risk when you do not honestly answer questions that are posed to you.
Legally this is called material misrepresentation. This means that you have willfully withheld information on the insurance application that would have been used to determine your level of insureability. If insurance companies find out you have withheld information, they have the right to completely cancel your policy and not pay it out as they would have done if you had been fully transparent.
If for no other reason than ensuring you get the coverage you pay for, you should be honest. Otherwise it could cost your entire family your death benefit if you were to pass away and they discover it does not actually pay out like it should.
Burial Insurance Rates, Age 40 to 90*
Rates For $5,000 In Burial Insurance
Rates For $10,000 In Burial Insurance
Rates For $15,000 In Burial Insurance
Rates For $20,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
*Burial insurance premiums are subject to underwriting, based on rates as of 8/20/2018, from state-regulated life insurance companies offering final expense burial whole life insurance protection. Understand that in order to potentially qualify, you must submit an application to see if you’re eligible. Rates are subject to change. Give Buy Life Insurance For Burial a call at 888-626-0439 now to see what program you may qualify for.
Strategies to get more affordable coverage
The good news of course is despite being counted as a tobacco user, if you smoke cigarettes on an occasional basis, there are other strategies that will help you lower the overall cost that you face when applying for life insurance. What follows are five different particular strategies I recommend to those who smoke to help them get a better overall price on their life insurance.
Consider getting an exam
It’s likely if you are an occasional smoker, your overall health is pretty good. Perhaps you’re in a circumstance in which you only smoke when you have fun and go out and do things, but you’re not to the point where your lungs are falling apart and you’re experiencing the degradation of the quality of your life through diseases like COP and emphysema.
When you apply for life insurance, you generally have two different option. First, you can take an exam or not, or you can offer a non-medical life insurance application. The reason I recommend an exam over a non-medical application is because exams prove the applicant is in good shape, which generally gives a better overall price.
The more information you can provide to a life insurance underwriter, the better job they can do in determining your level of health. Many times they will be more willing to give you a better overall price than what you would find through a non-medical policy. Why? A non-medical policy relies on past history, so the information they request from your doctors may not necessarily be completely up-to-date. Therefore baked into the pricing point for non-medical applications are much higher prices
If you are serious about getting life insurance coverage as a casual smoker, consider taking an exam along with your life insurance policy to give you the best chances for the lowest prices to shop with a broker.
Be aware of captive companies
Beyond opting for an exam, one thing to avoid if you are trying to get affordable insurance coverage as a casual smoker is to go with what’s called a captive company. Examples of these companies include State Farm, New York Life and MetLife. Captive companies only represent one product in particular. In other words they don’t represent a whole slew of different insurance carriers, which limits coverage and rates.
This means they have minimal options for you and that in certain unique circumstances, much like yours, you may find that their pricing offer is not very competitive. Going with a captive company may not give you the best overall use of your insurance dollar.
Shop options with a broker
A broker represents a multitude of life insurance companies. Again, take your unique health profile and see which company is going to give you the best overall package, price and coverage. What I have found time and time again is that smoking rates between different life insurance companies can vary dramatically. So why limit yourself to expensive options when you can work with a broker who has many more affordable options available.
Consider a term life insurance plan
Term life insurance is one of three different types of life insurance: term life insurance, whole life insurance, and first life insurance. Term life insurance is the best way to get the amount of coverage you desire. You can get limited coverage as well as a lot of coverage at a lower price.
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage
Approximately 80 percent or more of the American population chooses term life insurance because it gives the most coverage without having to go too much into financial woes in order to pay for it. A permanent insurance product like universal life or whole life insurance generally costs 5 to 10 times as much as term insurance. Coverage can already be expensive if you are a casual smoker, so it doesn’t make sense to financially overspend for the amount of coverage that you need to satisfy your goals.
If you buy term insurance, consider a shorter term insurance. This is the least recommended option, but it is one in which one can choose a plan to meet your coverage budget. If the company finds that they need to keep your freemiums within a certain range because of budgetary restrictions, my general recommendation as a life insurance agent is to pick the largest amount of life insurance coverage linked on your term insurance.
Usually maximum coverage is 30 years. However, there are options for less and under circumstances where pricing is very important, especially if there’s an added uptick and pricing due to smoking usage, it may be a good idea to get a life insurance plan that is shorter in length in order to control your pricing to a rate that’s accommodating to you.
For example, if you are looking at a 30 year term, maybe consider a 20 or 25 year term to lower your price just that much more. This is a great strategy in order to secure a reasonably priced life insurance plan that accomplishes the goals you want without unduly hitting your budget to the point where it doesn’t make sense. At Buy Life Insurance for Burial we are happy to help you source the best life insurance plans at the best rates. As mentioned previously, we are brokers, so we’re able to shop the most competitive companies to see who’s going to give you the best deal for the type of coverage you are looking for. We look forward to helping you.