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Does Smoking E-Cigarettes Raise Your Life Insurance Premium?

As any tobacco smoker who’s ever applied for a life insurance policy can tell you, most insurance companies charge higher premiums for smokers. Occasionally, someone who smokes a cigar once or twice a month can get a Preferred Plus rate – meaning they pay the same premium as a healthy non-smoker. For the most part, however, the health risks associated with smoking cigarettes, E-cigarettes, cigars and pipes are viewed by underwriters as sufficient grounds for charging up to 50 percent more in life insurance premiums. Is Smoking an E-Cigarette Considered Smoking? But what about people who use e-cigarettes? Marketed as a way to quit smoking, e-cigarettes have grown into a multibillion-dollar industry since their introduction to the US in 2007 – and are currently being used by one in 10 Americans, according to a 2015 study by Reuters. Since these battery-powered devices transform liquid nicotine into a water-based vapor, they…

What You Need to Know About Underwriting Class

The cost of your life insurance policy – also known as your life insurance premium – is influenced by a number of different factors, but none more so than your underwriting class. Also referred to as health class, underwriting class is the category that the insurance company assigns to you based on your health and level of risk – i.e., how likely you are to die during the life of the policy. Before assigning an underwriting class to you, the life insurance company reviews medical as well as non-medical information from your application, mini-medical exam, and lab results. The medical information they take into consideration includes your height and weight, cholesterol and blood pressure levels, and family health history. The non-medical information includes your occupation, driving record, and recreational activities (such as flying a small aircraft or scuba diving). While the names of specific underwriting classes may differ from company to…

Use Tobacco? You May Qualify For Non-Smoker Insurance Rates

Assuming all other factors are constant, people who smoke pay two to three times more for Life Insurance than people who don’t. However, several Term Life companies now offer non-smoker rates for people who meet their underwriting guidelines. The challenge is knowing which company offers the best rates for you. Let’s say you smoke cigars. One highly rated Term Life Insurance company offers non-smoker rates if you puff up to 52 cigars a year. Another allows 48 a year. Still another allows only 12 a year. When it comes to cigarettes, most Life Insurance companies charge smoker rates if you light up as little as one cigarette during the past year. However, if you have quit smoking for at least a year, there is a good chance you can qualify for non-smoker rates. You may even qualify for a non-tobacco rate with daily use of cigars, pipes or chewing tobacco.…

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