Do the life insurers charge more from people who smoke cigars? Is there something called a smokers' rate?
Purpleheaded08
Total Comments: 14
Posted: Tue Sep 30, 2008 06:15 am Post Subject:
Dear friend, you can rest assured that due to a greater mortality risk, smokers would more often need to pay more in terms of insurance costs than the non-smokers. Some of the life insurance carriers would even allocate different rates for the moderate smokers (ones who'd smoke 20 or lesser cigarettes each day) and intense smokers (who'd smoke more than the moderate smokers). So, I guess you've got a hint over here! ArindamSenIndies
Posted: Tue Sep 30, 2008 07:39 am Post Subject:
The life insurance companies make the smokers pay three times more than a non-smoker because of higher mortality rate. The researches have revealed that on an average the women may lose 13.2 years of their lifespan while men lose about 14.5 years of their life due to smoking, something that you may need to think before lighting the next cigarette.
The life insurance companies divide their clients into three different categories- standard, preferred and preferred plus. The premium rate may vary accordingly. If you're in good health and haven't smoked in the last five years, you may be deemed as a non-smoker and may qualify for the standard rate. A good incentive for quitting smoking :)
Posted: Tue Sep 30, 2008 07:39 am Post Subject:
Hi,
The popularity of cigars has always invited queries regarding the classification of cigar smokers. But, still the industry has not been able to arrive at a general consensus. Life insurance carriers are now inquiring more about usage of products that contain nicotine (which even includes consumption of tobacco). There are different parameters by which the insurance carriers would set different premium rates for the cigar smokers.
Evan
Posted: Tue Sep 30, 2008 07:48 am Post Subject:
Hey guys, it simply varies from one company to another...some of them are of the opinion that all sorts of tobacco are harmful and hence they would charge both the cigar smokers and cigarette smokers equally. Yes, they may also choose to exempt those who're occasional or rare smokers. In comparison to these companies there are the others who'd try and develop different classes amongst smokers. These are the people who might charge you more for smoking cigars than cigarettes, but then again they might just put you in a class which gets less penalized than the highest smoking class. Hope you got that now! Crossbreed
Posted: Tue Sep 30, 2008 08:36 am Post Subject:
Hi all,
In comparison to these companies there are the others who'd try and develop different classes amongst smokers.
But, I'd also look at the others who'd take the cigar smokers to be non-smokers & offer them the same rates that are applicable for the non-smokers. Hence, I'd advice the cigar smokers to consult the insurance agents or analyze the life insurance rates that are available in the market. Wish good luck to all those who are looking for the rates right now :)
Plasticmind
Posted: Tue Sep 30, 2008 08:49 am Post Subject:
Well, in that case I don't think wasting time would be advisable, since the insurance companies keep on molding their rules every now-n-then. Their rules are mostly based on facts which are arrived after a careful clinical research gets conducted. That's why I'd rather feel that if such clinical tests would prove cigar smoking to be equally dangerous or more effective than smoking, then you won't even get a chance to avail the current rates. What do you think! Evan
Posted: Tue Sep 30, 2008 09:02 am Post Subject:
Hi friends, I'd agree to most of what has been discussed over here, but at the same time I'd like all of you to know that the insurance carriers would generally reevaluate the rates once you stop smoking. What you need to do is to stop smoking for an year in order to avoid further smoking-related problems. Well, again that is only possible when you're not a stogie-chain guy and just experience it once in a while.
ArindamSenIndies
Posted: Tue Sep 30, 2008 06:52 pm Post Subject:
Insurance companies use a lot more than just smoking to determine rates. Weight, previous medical issues, etc..the list goes on. Arindam is correct - companies will re-evaluate your rates if you become smoke free, "lighter (weigh less)", if blood pressure goes down to normal, to name a few.
However, don't have your screening test come back positive for illegal drugs.
You will be pretty much SOL forever.
Posted: Tue Sep 30, 2008 10:00 pm Post Subject:
smoking is one of many factors in a rate increase, but yes smoking can cause the rate to triple and sometimes quadriple depending on the company
Posted: Wed Oct 01, 2008 03:12 am Post Subject:
Do the life insurers charge more from people who smoke cigars?
Well, it all depends on an insurance company on how it categorizes cigar smokers. Few companies believe that all forms of tobacco are harmful and hence, cigar smokers as well as cigarette smokers are charged equally. Again there are companies that charge cigar smokers more than non-smokers but less than heavy smokers. Usually, you have a good chance of being put in the smokers category and will be charged more for your life insurance. But pal if you are only an occasional smoker (12 cigars or less per year) your insurance company may feel you eligible for the non-smokers rates, just make sure that your urine sample is nicotine free too :)
Posted: Tue Sep 30, 2008 06:15 am Post Subject:
Dear friend, you can rest assured that due to a greater mortality risk, smokers would more often need to pay more in terms of insurance costs than the non-smokers. Some of the life insurance carriers would even allocate different rates for the moderate smokers (ones who'd smoke 20 or lesser cigarettes each day) and intense smokers (who'd smoke more than the moderate smokers). So, I guess you've got a hint over here! ArindamSenIndies
Posted: Tue Sep 30, 2008 07:39 am Post Subject:
The life insurance companies make the smokers pay three times more than a non-smoker because of higher mortality rate. The researches have revealed that on an average the women may lose 13.2 years of their lifespan while men lose about 14.5 years of their life due to smoking, something that you may need to think before lighting the next cigarette.
The life insurance companies divide their clients into three different categories- standard, preferred and preferred plus. The premium rate may vary accordingly. If you're in good health and haven't smoked in the last five years, you may be deemed as a non-smoker and may qualify for the standard rate. A good incentive for quitting smoking :)
Posted: Tue Sep 30, 2008 07:39 am Post Subject:
Hi,
The popularity of cigars has always invited queries regarding the classification of cigar smokers. But, still the industry has not been able to arrive at a general consensus. Life insurance carriers are now inquiring more about usage of products that contain nicotine (which even includes consumption of tobacco). There are different parameters by which the insurance carriers would set different premium rates for the cigar smokers.
Evan
Posted: Tue Sep 30, 2008 07:48 am Post Subject:
Hey guys, it simply varies from one company to another...some of them are of the opinion that all sorts of tobacco are harmful and hence they would charge both the cigar smokers and cigarette smokers equally. Yes, they may also choose to exempt those who're occasional or rare smokers. In comparison to these companies there are the others who'd try and develop different classes amongst smokers. These are the people who might charge you more for smoking cigars than cigarettes, but then again they might just put you in a class which gets less penalized than the highest smoking class. Hope you got that now! Crossbreed
Posted: Tue Sep 30, 2008 08:36 am Post Subject:
Hi all,
In comparison to these companies there are the others who'd try and develop different classes amongst smokers.
But, I'd also look at the others who'd take the cigar smokers to be non-smokers & offer them the same rates that are applicable for the non-smokers. Hence, I'd advice the cigar smokers to consult the insurance agents or analyze the life insurance rates that are available in the market. Wish good luck to all those who are looking for the rates right now :)
Plasticmind
Posted: Tue Sep 30, 2008 08:49 am Post Subject:
Well, in that case I don't think wasting time would be advisable, since the insurance companies keep on molding their rules every now-n-then. Their rules are mostly based on facts which are arrived after a careful clinical research gets conducted. That's why I'd rather feel that if such clinical tests would prove cigar smoking to be equally dangerous or more effective than smoking, then you won't even get a chance to avail the current rates. What do you think! Evan
Posted: Tue Sep 30, 2008 09:02 am Post Subject:
Hi friends, I'd agree to most of what has been discussed over here, but at the same time I'd like all of you to know that the insurance carriers would generally reevaluate the rates once you stop smoking. What you need to do is to stop smoking for an year in order to avoid further smoking-related problems. Well, again that is only possible when you're not a stogie-chain guy and just experience it once in a while.
ArindamSenIndies
Posted: Tue Sep 30, 2008 06:52 pm Post Subject:
Insurance companies use a lot more than just smoking to determine rates. Weight, previous medical issues, etc..the list goes on. Arindam is correct - companies will re-evaluate your rates if you become smoke free, "lighter (weigh less)", if blood pressure goes down to normal, to name a few.
However, don't have your screening test come back positive for illegal drugs.
You will be pretty much SOL forever.
Posted: Tue Sep 30, 2008 10:00 pm Post Subject:
smoking is one of many factors in a rate increase, but yes smoking can cause the rate to triple and sometimes quadriple depending on the company
Posted: Wed Oct 01, 2008 03:12 am Post Subject:
Do the life insurers charge more from people who smoke cigars?
Well, it all depends on an insurance company on how it categorizes cigar smokers. Few companies believe that all forms of tobacco are harmful and hence, cigar smokers as well as cigarette smokers are charged equally. Again there are companies that charge cigar smokers more than non-smokers but less than heavy smokers. Usually, you have a good chance of being put in the smokers category and will be charged more for your life insurance. But pal if you are only an occasional smoker (12 cigars or less per year) your insurance company may feel you eligible for the non-smokers rates, just make sure that your urine sample is nicotine free too :)
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