Life insurance is a huge field and obviously the companies work in very different ways to support and protect their families and businesses.
The Life insurance companies set their premiums (or costs to be insured) based on age, body mass index, health, occupation, family health and lifestyle choices. One of the biggie's is lifestyle choices. This includes smoking. Smoking which itself has many variables from social smoking, vaping and e-cigarettes, vaping but nicotine free, cigar smoking, and pipes to name a few.
Some of the providers will REDUCE their life insurance premiums if we stop smoking (without re-applying) by roughly 40% but not all! These other companies would ask us to re-apply factoring in our new age and health with family health etc etc (this may mean the premium doesn't go down as much!)
Aviva has dropped a smoke bomb this week by changing their underwriting on life insurance applications for all smokers:
AVIVA - Life Insurance for Smokers and Ex Smokers
Aviva now apply a loading for anyone who smoked in the last 5x years, on all Life Only policies.
They have always done so on their Simplified policy but they now also apply the increase to Life Only Life Insurance+ policies. The loading amount isn't a set % but is dependant on different variables (term, client age, other risk factors) so if family who has smoked in last 5x years. (other providers would be last 12 months or 24 months)
Golden Rock Solutions is awaiting confirmation as to their up-to-date stance on zero nicotine e-cigarette (Nicotine free vape) use and will update our blog as soon as we know more
Please get in contact if you would like more information on how to be happily protected with life insurance if you are a smoker, uses vape or e-cigarette or cigars thinking of stopping smoking or not!! Its Free independent advice to get you more Life insurance and critical illness protection.
