Life insurance companies consider tobacco consumption while setting up the premium and cash benefits levels. Customers can obtain lower rates that can be as less as twenty or even thirty percent if they quit smoking. The insurance companies also assess the medical records of customers, to determine if they have any terminal illness. As a general rule, no insurance company issues any policy for terminal illness. However, in case of heart disease, a term insurance policy with a higher rate can be obtained. Agents can be approached to assist customers with such records and help get the best rates possible.
It is easy to find low rates through research of the local life insurance market. This is easily possible by applying for quotes with various life insurance companies. This allows the customers to get the best insurance rates, and decide on a policy that will best suit their requirements. Customers can enter their personal information on the life insurance companies' websites and an estimate is provided to them after carefully considering all the factors.
Life insurance rates are based on the current health status of the individual along with the past medical history and lifestyle followed. Family history and parents' medical history are also considered while determining the life insurance rates. According to studies and researches, smokers run twice as much risk of dying prematurely as compared to non-smokers. Life insurance companies place smokers in the high-risk category and therefore, offer higher insurance rates to them, even if they are otherwise in good health. However, insurance companies are increasingly becoming aware of the large consumer base that the smokers comprise of, which is around a quarter of the total population of the United States.
It is now possible for smokers to get reasonable rates as some companies have started classifying smokers into low, moderate and heavy classes. There are various parameters that life insurance companies put in place to determine the risk that a particular smoker is exposed to. Life insurance companies conduct medical tests to detect the nicotine level present in the applicants' body. Some companies consider even a trace of nicotine a proof smoking. However, there are a few insurance companies who overlook negligible amounts of nicotine found in the body from smoking an occasional cigar, tobacco pipe or from chewing tobacco. The companies may offer these applicants with such low nicotine exposure preferred rates.
It is possible that smokers may quit smoking after taking out a life insurance policies, and it's important to be aware of the basics of life insurance... Some life insurance companies may allow such former smokers to qualify for non-smoking rates after a certain amount of time is lapsed. This period of time varies with the company, which can be as short as one year for some providers. Therefore, policyholders who have been tobacco-free for more than a year may find it profitable to shop for a new life insurance policy. It is advisable for smokers to do a market research to find affordable rates as underwriting criteria, resulting classification, and rates for smokers vary from company to company.
Life insurance rates are based on the current health status of the individual along with the past medical history and lifestyle followed. Family history and parents' medical history are also considered while determining the life insurance rates. According to studies and researches, smokers run twice as much risk of dying prematurely as compared to non-smokers. Life insurance companies place smokers in the high-risk category and therefore, offer higher insurance rates to them, even if they are otherwise in good health. However, insurance companies are increasingly becoming aware of the large consumer base that the smokers comprise of, which is around a quarter of the total population of the United States.
It is now possible for smokers to get reasonable rates as some companies have started classifying smokers into low, moderate and heavy classes. There are various parameters that life insurance companies put in place to determine the risk that a particular smoker is exposed to. Life insurance companies conduct medical tests to detect the nicotine level present in the applicants' body. Some companies consider even a trace of nicotine a proof smoking. However, there are a few insurance companies who overlook negligible amounts of nicotine found in the body from smoking an occasional cigar, tobacco pipe or from chewing tobacco. The companies may offer these applicants with such low nicotine exposure preferred rates.
It is possible that smokers may quit smoking after taking out a life insurance policies, and it's important to be aware of the basics of life insurance... Some life insurance companies may allow such former smokers to qualify for non-smoking rates after a certain amount of time is lapsed. This period of time varies with the company, which can be as short as one year for some providers. Therefore, policyholders who have been tobacco-free for more than a year may find it profitable to shop for a new life insurance policy. It is advisable for smokers to do a market research to find affordable rates as underwriting criteria, resulting classification, and rates for smokers vary from company to company.
No comments:
Post a Comment