by msamy67 » Thu Jan 22, 2009 11:20 pm
My husband and I just submitted to the physical, blood and urine tests for term life insurance. I did not know the person they sent out would then ask all the same questions again as those that were asked on the original application. Well, the person they sent to do the testing as well as myself learned today that my husband, an ex-smoker, slipped and had a cigarette about a month ago, and that he'd had a speeding ticket in another state 4 years ago. I'm pretty sure his blood and urine tests will reflect that he has no nicotine in his system, but I fear that due to his slip up and admission we are now facing the smoker's rates for him. Any feedback on this?
Posted: Fri Jan 23, 2009 06:12 am Post Subject:
Let me put my two cents here….smoking not only affects the rate of life and health insurance. It also influences the auto and home insurance rates. Smokers are charged higher rates even for the auto and homeowners policy. Hence, rate reduction on the insurance polices can be a good incentive for quitting smoking.
Posted: Fri Jan 23, 2009 09:09 am Post Subject:
in other words find someone who will sell you a term policy without an exam that has jet issue
Its just what you stated is not quite clear to me..could you explain it a bit more vividly!
Also, tell me whether it is easy to sell term policies like that when we know that term policies are designed for a short stint and hence more specific to suit the needs of an individual. If its that much easy then why don't I see a lot of others going that way!
Posted: Fri Jan 23, 2009 01:02 pm Post Subject:
Its just what you stated is not quite clear to me..could you explain it a bit more vividly!
Also, tell me whether it is easy to sell term policies like that when we know that term policies are designed for a short stint and hence more specific to suit the needs of an individual. If its that much easy then why don't I see a lot of others going that way!
People don't do it because they charge you a substantially higher rate than an otherwise healthy person could obtain on an underwritten policy. Most people would rather take an exam, answer a few questions, and sign a few forms to save themselves $$$$ each year, year after year after year.
Posted: Fri Jan 23, 2009 01:20 pm Post Subject:
Jet-issue policies are typically written on a tabled rate regardless of health because the insurance company is not investigating you as thoroughly as they would with a medical exam. These non-med policies are great for people in a situation like the person who started this thread or someone with diabetes II and high blood pressure combined or some other non threatening ailment that would have them rated even higher on a fully underwritten product. and yes, it is really that easy. I write policies non-med all of the time for the reason stated above AND some people just refuse to take a medical exam and even after comparing prices, prefer to do the non-med.
Posted: Wed Nov 24, 2010 01:13 am Post Subject: smoker vs non-smoker
could a life insurance company refuse to pay if when you took out the policy you were a non-smoker but then a few years later you started smoking but you did not notify them
Posted: Wed Nov 24, 2010 07:40 am Post Subject:
NO. And they cannot change your premium unless you were lying about it at the time.
Insurance companies accept smokers/tobacco users. When they accept the risk of any insured's life expectancy, they base the premium on the risk. The smoker's risk of early death is higher, so their premium must be higher.
But if you were not a smoker at the time you answered the question correctly, no harm-no foul to begin smoking later. But any new insurance you apply for, you need to disclose your tobacco use.
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