Sincerely, we’re not being insensitive! This is about the last time you smoked – did you quit smoking in recent years?
Did you know that smokers pay up to 60% more to insure their lives than non-smokers? Insurance companies will also contribute with lower premiums for life insurance. Insurance savings are not to be taken lightly. An average policyholder could save as much as PS10 per month.
Most insurance companies offer non-smoker premium rates to those who haven’t smoked in the past five years. If you have just quit smoking, five years can be a long time before you get the extra spending money. But, those in the know have suggested a way to accelerate things.
Some insurers use a looser definition of a non-smoker, they say. Some insurers have reduced the five-year smoke-free period to twelve months. If you haven’t smoked in the past year, you might be able to save money by switching your life insurance to one these insurers. Be careful. You should not cancel an existing policy without first receiving written acceptance from the new insurance.
How can you find the best insurer?
Go online first because it’s the best place to search for cheap insurance. Next, search for a life insurer broker who meets these criteria.
Brokers must search all insurance markets to find the lowest price. This means they will locate the best insurance company for you.
Brokers must be willing to lower prices. They do this by putting some of their commission back into the policy. This ensures that you receive a very low quote.
They will call you back with the quote and further assistance. This is important as it increases the likelihood that the initial price they give you will be from an insurance company using a five year smoking definition. Tell them that you require the lowest quote from an insurer using the twelve month smoking definition. After doing some research, they will have to call you back.
You won’t be able to tell if the web site you visit offers an instant on-screen quote. Online systems won’t tell you. Online systems don’t tell you what you need. To be able compare your current policy with the quote, you must get a quote for an identical policy that expires in the same calendar year.
Once you have the right quote, it will be easy to estimate how much you can save. If the price is right, submit a complete application.
Your age is one of the major factors that can affect your premium. Your age can have a significant impact on your premium. Life insurance is one of those items that has become more affordable over the years. However, it’s difficult to estimate the savings until you have the numbers. Get a quote and see what you can save. You have nothing to lose, and perhaps a lot to gain.
Once you have obtained a quote from an insurer that covers 12-month smokers, you will need to fill out a complete application form. Make sure you read all questions and respond honestly to every question. Too many people attempt to get a low premium simply by telling the truth. Do not be seduced. In the event of a claim, the insurance company will review the information that you have provided, even if it is many years later.
Insurance companies have become more selective about who they will accept under standard terms. This is because the price you are quoted was the first price. Clients are more likely to have their premium loaded because of the company’s stricter selection rules regarding weight and health. You should not cancel your existing life insurance policy until you have received a final acceptance note at a price that offers you the savings and protection you desire.
Although the process of changing a policy can seem daunting, it’s not too difficult. Think about how much money you will save. You can reward yourself for quitting smoking.
All the best.
