Put the Cigs Out in Order to Save on Life Insurance

If you're looking to save money on your life insurance, not smoking is a great way to start.

When you put the cigarette in your mouth and light up, you put yourself in position to spend more on life insurance than you should have.

Could you blame an insurer if they wanted to charge you more for life insurance if you have a relationship with cigarettes?

It should come as no surprise that life insurance companies look seriously at the health of each individual who comes to them seeking a life insurance policy.

Life insurers for good reason want their customers living long, prosperous lives. This as you can understand benefits both parties.

For the policyholder, the longer that you remain insured, the longer you can be protected by your policy. For the life insurance company, the longer the consumer pays for insurance, the more money the insurer accumulates. That should make it more obvious as to why health plays a role in term life insurance rates.

So why is smoking singled out by many life insurers when it comes to setting rates?

First, there are a number of illnesses, many resulting in death, that are tied to smoking.

The life expectancy of smokers is less than those who do not light up. When life insurers note that an applicant likes to puff away, it automatically sends up red flags. The individual is thought to have a shorter life span, and is expected to maybe have health issues down the road. Due to this, term life insurance rates for that specific individual, are likely to be greater.

So just how do insurers determine if you puff away without their knowledge?

First, life insurers use a questionnaire that is provided to each consumer looking for term life insurance rates. If you smoke and think lying on the questionnaire is the way to go, think again.

A number of the questions include smoking. While you may consider lying, the next step, a medical exam, is likely to trip you up.

The insurer will be looking for certain things during this exam.

Due to the fact there are chemicals left behind in the body by smoking (such as nicotine), the insurer can spot if you are a smoker. The bottom line....all of your life insurance (and policies) can be revoked if you've been determined to be a liar.

So if you're an upstanding citizen, know that quitting smoking will actually help lower your rates.

In the event you are locked into a life insurance policy, you are permitted to update your medical exam at any time.

If you have ceased smoking, bringing the exam up to date is a great way to indicate that you've kicked the habit.