Have you or someone you know quit smoking for over 12 months or solely used e-cigs for 12 months? If so, you could save over 50% on your life insurance by qualifying as a nonsmoker.
Smokers typically pay around 50% more for life cover than non-smokers. That’s a massive difference – to put this into context, take a 35 yr old looking for €200k of life cover for a twenty five year term–the best non-smoker rate is €17.36 per month* while the best smoker rate is €31.02 per month* – that’s a saving of €4,098 over the life of the policy – food for thought!
Definition of a smoker?
Until recently all insurers asked about tobacco use. You were deemed to be a smoker if you used tobacco in the last twelve months. In the eyes of the insurers there is no such thing as an “occasional” or “casual” smoker; whether you smoke 40 a day or a couple every now and again, you are still a smoker.
The rise of “vaping” has clouded the definition of a smoker for life companies. E-cigarettes deliver nicotine but don’t use tobacco. So technically under the old definition E-cigarrette users are not smokers.
So what is the current position for E-cigarette users?
Most insurers have already moved to close this loophole by changing the definition from the consumption of tobacco to the consumption of nicotine. In fact there are only two providers left who have not moved on this and it is only a matter of time before they too make this change. In the very near future it is likely that the use of e-cigarettes and quite possibly nicotine patches and gum will mean smokers rates for life cover.
There is still a quickly closing window of opportunity for those who have been using e-cigarettes for more than 12 months – but time is fast running out and they need to act now!
At MLMG, we are not affiliated to a specific life company, which means that we can get you the best cover at the best price for you.
Contact us today or call 07493 21420 for expert, impartial advice.
*source – www.clearchoice.ie
