National No Smoking Day 2017
11 months ago
National No Smoking Day 2017 (smokers life insurance)
Wednesday 8th March ’17 is ‘National No Smoking Day’ which is purely aimed at smokers and to promote the benefits of stopping smoking. The original Ash Wednesday was launched in 1983 and was previously known as ‘Quit for the Day’.
The Insurance Surgery: Life Insurance for Smokers (we aim to save you money!)
The Insurance Surgery is a leading life insurance specialist and we know a lot about the impacts of smoking on life insurance premiums as well as the potential future health risks. Most smokers are well aware of the risks related to smoking but few are aware of how smoking affects your life insurance premiums.
Fact: Smoking or use of any nicotine products will result in an increase to life insurance premiums which are usually double that of non-smokers.
Life insurance for smokers with pre-existing medical conditions
Life insurance for offshore workers will depend on the level of risk involved with your particular role and the industry that you work in. There is a vast difference between some of the low risk offshore occupations (e.g. administration, management staff or cooks) to some of the high risk occupations (e.g. divers, engineers, helicopter pilots or medics). Our experience shows us that some offshore workers life insurance applications will be accepted at standard rates, especially for low risk jobs.
If your job role is classed as high risk or higher risk for offshore working life insurance then you may find that there is an increase to the premium that you will pay. Life insurance for offshore workers is underwritten based on the levels of risk involved which can be very high in certain roles and industries. Where jobs are classed as high risk for offshore workers for life insurance then we will need to research the market to find the best insurance provider for you and we do all of that work for you.
You may also have been declined life insurance because of the fact that you work offshore and the type of job that you have. This does not necessarily mean that you cannot get life insurance for offshore work as it may be that the previous application was simply to the wrong insurance provider.
The Insurance Surgery is also a leading life insurance expert for people who have a pre-existing medical condition. We have a vast amount of experience in working with people who have some sort of medical history as well as smokers looking for life insurance. There are some additional underwriting factors that need to be considered for smokers looking for life insurance who also have a pre-existing condition.
1) Additional life insurance underwriting restrictions for smokers with pre-existing medical conditions: Life insurance for smokers who also have a pre-existing medical condition can be more restrictive than for non-smokers, depending on the medical condition. For example, if you have Diabetes and you are a smoker looking for life insurance then you may find that certain life insurance underwriters / providers will decline cover due to the additional health risks relating to your Diabetes combined with smoking.
2) Premium loadings / ratings for smokers with pre-existing medical conditions: Another important factor to be considered for life insurance for smokers with pre-existing medical conditions is that any premium loading will be potentially doubled. Life insurance premiums for smokers are already higher (double) than for non-smokers and any additional % loading would be based on the initial premium.
Example of smokers life insurance with pre-existing medical conditions:
Non-smoker premium: £30
Premium loading: 100% (for pre-existing medical condition)
Final premium: £60 (increase = £30)
Smokers premium: £60
Premium loading: 100% (for pre-existing medical condition)
Final premium: £120 (increase = £60)
As you can clearly see from the example given above, life insurance premiums for smokers with additional loading work out to be double that of non-smokers
3) What happens to my life insurance if I quit smoking?: If you give up smoking and use of any nicotine / tobacco based products for more than 12 months then you would be classed as a non-smoker by life insurance underwriters. You must also have not used any nicotine replacement products (e.g. Patches, Nicotine Gum, E-Cigarettes etc.) in the past 12 months.
4) What happens to my life insurance if I start smoking?: If you already have life insurance in place and decide to start smoking then your existing cover should be unaffected. Most life insurance is written on a ‘guaranteed’ basis which means that once it has been underwritten and offered then that is the premium you will pay for the remaining term of the policy.
Important: If you lie or fail to disclose that you are a smoker on your life insurance application then you may find that your cover will be void in the event of a claim. Life insurance companies may request a medical report and if it is discovered that you were a smoker when you applied for cover then it will be up to the discretion of the insurance provider as to whether they pay and how much they pay out.
At The Insurance Surgery we pride ourselves on providing an outstanding service to our clients which means that we will constantly review your circumstances in the future. As part of our Annual Review service we will re-contact you in the future to establish your current circumstances and hopefully save you money on your life insurance premiums.
One of the first questions we would ask anyone who has been accepted on smoking rates for life insurance is “Have you given up smoking?”. If we find that you have since given up smoking and have a life insurance policy through The Insurance Surgery on smoking rates then we would usually be able to save you money instantly.
For more information about Smoking and Life Insurance for Smokers click: Life Insurance Smoking Guide