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After Quitting Smoking How Long Does It Take to Get Non-Smokers Rates on My Life Insurance?
February 28, 2020
Different Companies and Policies Have Different Requirements to be Considered a Non-Smoker
Non-Tobacco (or Non-Smoker) rates are typically available to applicants who have abstained from products for a specified period of time. The time required to abstain from tobacco products differs by carrier - and - the specific rating program.
By way of example, one life insurance company’s (named after an American President) tobacco definition reads as follows:
- Preferred Plus Non-Tobacco Rates
- No tobacco/nicotine products in 36 months. Occasional cigar use of up to 12 cigars a year with a urine specimen negative for nicotine,
- Preferred Non-Tobacco Rates
- No tobacco/nicotine products in 24 months. Occasional cigar use of up to 24 cigars a year with a urine specimen negative for nicotine
Another carrier, (named after a capital sum earning interest) underwriting guidelines read:
- Super Preferred Non-Tobacco Rates
- Tobacco use includes any tobacco or nicotine product (i.e., cigar, patch, bum & marijuana). No tobacco use for five (5) years ages 20–80.
- Preferred Non-Tobacco Rates
- Tobacco use includes any tobacco or nicotine product (i.e., cigar, patch, bum & marijuana). No tobacco use for two (2) years, ages 20–70. Three (3) years ages 71–85. Exception - 12 or fewer cigars per year with a negative urine.
- Super Standard Non-Tobacco Rates
- Tobacco use includes any tobacco or nicotine product (i.e., cigar, patch, bum & marijuana). No tobacco use for one (1) year ages 20–70. Three (3) years ages 71–85
That's probably more information than you wanted to know. Yet, it illustrates how life insurance companies slice and dice their rating programs.
Oh, and you might ask… "How will they know". The answer is, they may not. That is if one who applies passes a urine test with no nicotine showing, and it is not mentioned on any attending physician report.
However, if one were to pass away within the Incontestability Period after applying for life insurance, and there was reason to question the applicant's honesty on the topic, negative consequences may result.
Quitting smoking can result in lower rates for life insurance. Barring a special type of rate and program, a smoker must usually abstain for a year to be eligible for the higher cost non-tobacco rates.
Important note… An applicant's nicotine habits are just one (albeit a significant one ) health factor of many that are considered in the final rate one receives when applying for life insurance.
And, as is revealed above, all life insurance rating plans are not created equal. One non-tobacco rate is not the same as another.
Have more questions about life insurance? We LOVE to help! Please call us today at 607-324-7500
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
