Life Insurance and Cigars

[Blues Tiger]

Mods, move this if it's in the wrong spot.

O.K. I need to get some life insurance but I really don't want to have to pay the cigarette smoker rates. Are there any companies left that provide a compromise for cigar smokers? Also, I know many have said to just lay off the sticks for a few weeks before the physical and then say you are a non-smoker. However, wouldn't this void your policy in the event the insurer found out you lied after death? Just looking for opinions, advice, or suggestions please.

Thanks!
Jay

[acruce]

what if you started smoking after you bought your policy, would you be lieing

[G G]

Check with Prudential, I think they will allow a certain amount of cigars with no affect on premium.

[G G]

Yeah check out this link.

http://www.term-life-online.com/life-insurance-for-cigar-smokers.html

[SeanGAR]

However, wouldn't this void your policy in the event the insurer found out you lied after death?

From http://finance.yahoo.com/insurance/article/101750/Can_You_Hide_Smohttp://www.cigarasylum.com/vb/newreply.php?do=newreply&p=249905king_From_Life_Insurance_Companies

Most life insurance policies carry a two-year "incontestable clause" that allows the insurance company to challenge a death claim. If you die within the first two years as a result of, say, a car accident, and it comes out that you were, in fact, a smoker, your insurer would have the right to "rescind" the policy or simply deny the claim.
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All the companies we contacted stated flatly that after a long period of time, such as 10 years, they would pay the claim. Once your policy is this far past the two-year contestability period, linking your death to smoking is less important to them than not reneging on a death claim.


In final analysis, it is better not to die .. er .. lie.

[Silound]

From http://finance.yahoo.com/insurance/article/101750/Can_You_Hide_Smohttp://www.cigarasylum.com/vb/newreply.php?do=newreply&p=249905king_From_Life_Insurance_Companies

Most life insurance policies carry a two-year "incontestable clause" that allows the insurance company to challenge a death claim. If you die within the first two years as a result of, say, a car accident, and it comes out that you were, in fact, a smoker, your insurer would have the right to "rescind" the policy or simply deny the claim.
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All the companies we contacted stated flatly that after a long period of time, such as 10 years, they would pay the claim. Once your policy is this far past the two-year contestability period, linking your death to smoking is less important to them than not reneging on a death claim.


In final analysis, it is better not to die .. er .. lie.

The truth is, after 10 years no company will care. They've made their money from you, they won't care about paying out the claim.

[Barteur]

what if you started smoking after you bought your policy, would you be lieing

Is anybody had experience with this? Let say I really did not smoke when I sign up and that I started this year. Do I have to call my insurance to tell them? Is this a case where the 2 year clause come in place even if the death is not related to cigars?

I am presently reevaluating my life insurance but I dont want to open a can of worms and end up paying like crazy because I am smoking 2 or 3 cigars a month. (on the other hand I have been reading on this site for the past month I will propably start smoking more...:ss you guys are evil:fl)

Frenchie

[taltos]

Is anybody had experience with this? Let say I really did not smoke when I sign up and that I started this year. Do I have to call my insurance to tell them? Is this a case where the 2 year clause come in place even if the death is not related to cigars?

I am presently reevaluating my life insurance but I dont want to open a can of worms and end up paying like crazy because I am smoking 2 or 3 cigars a month. (on the other hand I have been reading on this site for the past month I will propably start smoking more...:ss you guys are evil:fl)

FrenchieYou might want to ask this of residents of Quebec Province since I suspect that the rules might be different than those in the various states in your southern neighbor. I do know down here that some regulations can vary from state to state and may be the same for the several provinces in Canada.

[jkim05]

I am an agent, if anyone has specific questions I'd be more than willing to answer via PM, but here are the major points. Basically, if you say you don't smoke and they do the blood test and you come out negative, as far as they are concerned, you don't smoke. If you take about a month off, you should be fine, should you test positive, you can either wait a year or so and reevaluate or you can get your health rating adjusted once a year on the policy anniversary date if you have another blood test. After two years, it is irrelevant what you hid from the insurance company and they cannot refuse a death claim for any reason, even fraud. Also, once a policy has been issued at a given health rating, you can basically do whatever you want. Hope this helps.

[jkim05]

Is anybody had experience with this? Let say I really did not smoke when I sign up and that I started this year. Do I have to call my insurance to tell them? Is this a case where the 2 year clause come in place even if the death is not related to cigars?

I am presently reevaluating my life insurance but I dont want to open a can of worms and end up paying like crazy because I am smoking 2 or 3 cigars a month. (on the other hand I have been reading on this site for the past month I will propably start smoking more...:ss you guys are evil:fl)

Frenchie

You can start doing anything once the policy has been issued. The clause refers to "omissions" on information relating to previously existing health conditions and lifestyle risks.

[Blues Tiger]

Thanks for all of the advice guys. I'll keep everyone updated on my experience.

Jay

[Barteur]

Thanks all, thanks Jeremy.

Frenchie

[BengalMan]

I just got my policy approved through Prudential. I told him I smoked cigars and I even did a blood test. I still got a preferred non-smoker rate. They are by far your best bet.

[Ironfreak]

With my company, we allow you up to 24 cigars a year and you can be considered a non-smoker.

The two year contestability clause is the same with pretty much every insurer. Honestly, it almost never becomes an issue with the exception of suicide (If you take out a policy and committ suicide within the first 2 years, the insurance company can deny the claim and recscind the policy. By rescinding, they return all premium paid by the insured and basically act as if the policy didn't exist at all)

I am a life insurance provider in California, so folks can contact me if they have any questions..

[P.S. --- No, I don't work for AIG.. ;) ]

[DeniseM]

SpamMost life insurance companies tend to treat all tobacco usage in the same category. This includes cigars, pipes, and chewing tobacco. However, there are certain companies that apply the smoker rate to only those who smoke cigarettes. This one difference alone can make a huge difference to your premium rate. It is therefore imperative to choose and online provider who is well versed with which companies accept cigar smoking in the non-smoker category and who understand the underwriting process involved in qualifying for a particular rate with a specific company.

Denise at AccuQuote
Disclaimer: I work for AccuQuote and this is my personal opinion.