Life Insurance - Smoke Signals
No-one said it would be easy but giving up smoking is really worthwhile and it’s a perfectly achievable aim. Why not join the band of ex-smokers, starting from today? If are you now a reformed smoker, we have some even better news for you. You can expect more than increased life expectancy and a vast improvement in your well-being if you quit smoking. The saving in your life insurance premiums will be noticeable too. Whilst it’s true that you might have to wait a little while before this last saving is within your grasp, in the meantime your savings on cigarettes can make quite a difference to your pocket. It’s quite usual to find that insurance companies require you to have had a five year smoke-free period.
Technically they say “not smoked or used nicotine products”. There are, however, some insurers who’ll reward you for your good behaviour by reducing the non-smoking period to just 12 months. If you can, hand on heart, say that you’ve refrained from smoking for a whole year, then find out what your insurers stance is on this. If you can do better, then do your homework and consider changing to a more sympathetic insurer. As a smoker you’ll have been paying in the region of 60% more for your life insurance cover so savings are on the cards.
At this stage, leave your old cover in place. You don’t want to leave yourself uninsured and shouldn’t do anything hasty until you have acceptance, in writing, from your new insurer. To find out all about changing your insurance company you’ll need to find a life insurance broker. The internet is the best place to look. Comparison sites will not be particularly useful as they won’t give the information regarding the non-smoking period. Your online broker will be able to give you all the information that you need, make comparisons for you, bearing the 12 month rule in mind. There’s an on-line discount too. Start off by talking to a human being and explaining your situation! Your quotes will come through quickly. You can then compare these with what your current policy is costing you, which will of course have been worked out when you were a smoker. It’s the overall cost that counts and we think you may be quite impressed with the saving.
There is no limit to the amount of help and quotations you can receive, your broker will be happy to help and there’s no obligation on your part. When you have pinpointed a particular quotation that interests you and has the 12 month condition, it’ll be time to complete an application form. Do go through this carefully and read every question. Answer in full and be completely honest. Sometimes people try to reduce the premium by trying to put in the answer they think the insurer wants to hear, rather than the truth, the whole truth and nothing but the truth. It’s simply not worth it. The first price which you were quoted would be the insurance company’s standard terms. The questions regarding things like health and weight may have some effect on the final figure. By leaving your current insurance in place, you’ll have time to consider the quotation and make sure that you have the saving your twelve months of good behaviour deserves. Don’t be discouraged from switching insurers, it’s very little trouble as far as you’re concerned and it’s what the broker is there for.
Don’t put it off. Start the ball rolling today.
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