Vaping And Life Insurance – Everything You Need To Know
Whilst we may not like thinking about it, life insurance provides those who are covered with security and comfort in the knowledge that if anything tragic were to happen to them, their loved ones would be looked after. Of course, there are factors that play into the cost of your life insurance premiums and you’ll no doubt be asked a variety of questions about your health and lifestyle when first talking to your insurance broker. One of these questions will almost definitely be regarding whether you are currently or have in the past been a smoker.
Smoking has long been medically proven to reduce life expectancy. What with its many detrimental effects on the health of our lungs, heart and skin, as well as hundreds of different carcinogenic and toxic chemicals found in every inhale of smoke, it’s unsurprising that you’ll have to pay more money as a smoker for life insurance.
Of course, there are many ways to quit smoking and when it comes to life insurance you’ll have to pay a lot less. It’s simple really, the more unhealthy you are or the more dangerous your lifestyle is, the more you’ll have to bet against the insurance companies.
The problem is that many insurance companies pile nicotine replacement tools such as e-cigarettes and 50/50 e-liquids UK in the same sphere as smoking tobacco. Any form of nicotine replacement is deemed in the eyes of insurance companies as akin to smoking and more often than not, this will mean paying the same – or similar – rates to smokers. This blog will explore the various ways that vapers can get the most out of their life insurance claims, and how insurance brokers decide on how to charge life insurance claims.
How Life Insurance Works
Life insurance consists of monthly or annual premiums – or payments from the individual to the company – that if kept up will mean that your full life insurance policy will be paid out if you die by almost all causes.
How Life Insurance Works For Smokers
It’s important to keep in mind that if you are a smoker, your chances of dying young are higher than they are if you live a healthier lifestyle. This means that rates can often be inflated on your premiums, making them exponentially more expensive than that of someone who does not smoke.
Rates For Smokers
Smokers rates are considerably higher than non-smokers rates for insurance. For instance, if you are a 20 year old looking to take out life insurance, average rates could be £3.89 per month, whilst smokers would see a rise of £1.12 per month to £5.01. A 50-year-old taking out life insurance could see an exponential difference, with life insurance starting at £17.41 compared to £40.99 for smokers
Vapers Are Treated The Same As Smokers
Higher premiums for smokers is understandable, but when you dig a little deeper into the policies of many insurance companies, terms usually suggest that nicotine consumption is the same as smoking. If you have smoked, vaped, used nicotine gum and patches in the last year, then you’re likely to be charged more on your premiums.
Although vaping has been stated by medical researchers as 95% less dangerous than smoking, insurance companies argue that the long term effects of products from e-liquid wholesale suppliers and brands are not yet known. This is due to the relative infancy of the vaping industry and the insurance industry’s reluctance to take a chance on it.
This Could Change
This reluctance to lower prices for vapers will not necessarily last. It’s important to understand that the insurance industry is a few years behind the rest of the world in regards to how they interpret their laws and contractual obligations. You could say that it’s a rather traditional or regressive industry, but the other side of the coin says they’re careful and don’t take chances. In any case, insurance companies may change their policies as more evidence of the benefits of nicotine replacement therapy are increasingly highlighted.
Why You Should Tell Your Insurers That You Vape
Whilst the vaping law is unfair on both the individual and premium e-liquid UK wholesalers who are trying to improve the health of smokers, it’s important that during your initial meetings with life insurance companies you are completely transparent about your vaping habits. This is because they can find out quite easily and could invalidate your policy. In some scenarios, you could even be investigated for insurance fraud.
Furthermore, if you were to die from smoking or nicotine related illnesses and you had not disclosed your smoking or nicotine habits, your body and death records could be subject to a contestability clause. The insurance company could access information regarding your cause of death and will know whether you’ve broken your contract or not. This would be bad news for your next of kin, as there’d be a potential of your claim not being paid out if it was in breach of the insurance contract you had signed.
Tips For Vapers
If you’re trying to give up nicotine or you’re worried about the life insurance policy you’re about to sign off on then these tips will help keep you on the right side of the law and financially unburdened so you can carry on purchasing your favourite wholesale UK vaping supplies without worrying about breaching your contract.
Nicotine Free Vaping
One option for vapers is to choose nicotine-free e-liquids such as short fills from Yankee Star e-liquid. These e-liquids contain no nicotine and therefore would not be in breach of your insurance policy if you have said you do not use nicotine. This may mean some nicotine withdrawal, but it will save you money on your policy.
Transparency And Quote Comparison
Some insurers may differentiate between nicotine and tobacco users. Some companies who give good rates for nicotine users include Reviti, who give vapers up to 15 percent off their premiums. Moneyworth are also a good company for vapers to work with. Whoever you go with, make sure you do your research and compare rates before signing off on a policy.
Furthermore, remember to be transparent with your soon-to-be life insurance company, don’t hold anything back from them as they are here to get you the best deal possible on your life insurance. Keep in mind that if you start smoking or using nicotine after you have made a deal with a life insurance company, you are under no obligation to declare this to them.
You may also be able to change your policy if you have a deal already, but have since stopped using nicotine in the last 12 months.