If you are one of the many Americans who use a form of smokeless tobacco, whether is be dip, snuff, or anything in between, it is still possible to receive life insurance at affordable rates.
Despite extensive research showing that smokeless tobacco is far less harmful than cigarettes, many life insurance companies treat them as one in the same.
Because of this, many life insurance companies will charge at least double the rates of non-smoker rates because they view the health hazards to be just as serious as smoking.
It is for this reason that is extremely important to know all of your options in life insurance so that you do not end up paying any more than necessary.
Life Insurance Rates for Smokers
Many people would like to quit smoking but need coverage now. It is recommended to go ahead and take out a policy now and then after 12 months, with the help of an insurance agent, take advantage of the lower non-smoker premium. This can be done by either taking out a new policy or applying for a health class reconsideration with an existing insurance policy.
Paying the higher premium for twelve months not only will give you the motivation to quit smoking but it will ensure that you are thoroughly covered. Skimping or putting off insurance is never advisable as it can lead to financial disaster that can rarely ever be recovered from in the event of misfortune.
What are the Best Life Insurance Companies for Tobacco Users?
If you would like to stick with one of the well known insurance companies and use tobacco products, there are still options available. There are 30 year policies available that lock you into lower rates for the term of the policy. Other options are permanent insurance including whole life insurance and universal life insurance. It is important to beware that combining non-smoking insurance with other insurance such as diabetes or heart disease can rule out any benefit or savings that might have come with just being insured under one of these special cases.
Life Insurance for People that Chew Tobacco
This isn’t the case with all life insurance companies though. Some differentiate between the types of tobacco and consider smokeless tobacco to be less detrimental on one’s health than smoking tobacco. Knowing your options and doing your research can save you at least 50% on life insurance premiums if you are a user of smokeless tobacco products. Over the life of your insurance term, this can be substantial money.
In order to qualify for this you do not need to test negative in a nicotine test as is the case in many life insurance policies. As it is always the case with life insurance policies, your premium will be based on your unique situation. If you are searching for life insurance and are a user of chewing tobacco, it is best to operate through an independent life insurance agent who is knowledgeable on policies and different insurance companies.
Why You Need an Independent Agent
Working through an independent insurance agent is advisable as it is the case that everyone’s personal situation is different and there is no “one size fits all” when it comes to insurance. Trying to cheat the system by lying on the application or otherwise committing fraud is never advisable. Even if you end up saving money in the short term, the consequences can be huge. This is especially true since there is a two year period of time following the death of the insured where the insurance company can research the truth about a person’s medical history.
Client Example: A 40 year-old male looking to obtain $250,000 of term life insurance at preferred best health. The best non-tobacco policy he can get is $145 a year. If you are a tobacco chewer, you would not qualify for this super cheap rate, but it may be possible to get at $265 per year. Still might seem high but if you compare that to rates for life insurance for smokers at your looking at around $450 a year.
Speaking with a qualified agent is the best bet when purchasing any type of insurance no matter what your current medical status is. Not only will they be able to advise on your specific case, but they can assist in finding you the cheapest possible rate that ensures you will be fully covered in the event of death.
This is more valuable than any insurance policy as it gives you the peace of mind knowing that your family and loved ones will be provided for. The world of insurance is a complicated one, and should not be left to an Internet search in order to determine which is best for you.