We're not trying to hurt anyone, honest! We're talking about your last drag. Have you recently quit smoking?
Did you know that smokers pay up to 60% more for life insurance than people who don't smoke? So, in addition to the health dividend and the money saved on cigarettes, life insurance premiums will go down. And the savings on insurance are nothing to sneeze at! A typical policyholder could save at least £10 or more per month.
Most insurance companies will give you non-smoker rates on your premiums if you haven't smoked or used other nicotine products in the last five years. Now, if you just quit smoking, five years is a long time to wait for the extra money to spend. But smart people have come up with a way to speed things up.
They say that some insurance companies have changed how they define someone who doesn't smoke. Some insurers have cut the time you have to go without smoking from 5 years to just 12 months. Find out how much you can save by switching your life insurance to one of these companies if you haven't smoked in a year. But be careful. You can't cancel your old policy until you get written confirmation from your new insurer.
How do I find a good insurance company?
First, look for cheap insurance on the Internet, because that's the best way to do it. Then look for a broker who meets these three requirements:
The broker has to search the whole insurance market for the lowest price. This means that they will find the cheapest insurance company for you.
The broker must be willing to lower the prices. They do this by putting some of their commission back into your policy. That makes sure you get a quote that is very low.
They'll give you a quote over the phone and offer more help. This is important because the price they give you over the phone is likely to be from an insurer that uses a five-year smoking definition. You have to tell them that you want the cheapest quote from a company that uses the twelve-month smoking definition. That means they'll have to look into it and call you back.
If you use a website that gives you a quote right away, you won't know if it's from an insurance company that uses the 5-year or 12-month smoker definition. Online systems never tell you. So, you need to be able to call a life insurance agent and talk to them about what you need. To make a direct comparison with your current policy, you'll need to get a quote on an identical policy that ends in the same year as your current policy.
Once you have the right quote, you can figure out how much you'll save. So, fill out a full application if the price seems right.
Your age is one of the most important things that will affect how much you pay. So, if you bought your current policy a few years ago, the savings could be less than the 60% we've mentioned. But life insurance is one of those things that has gotten cheaper in recent years, so it's hard to know how much you'll save until you see the numbers. You'll have to ask for a quote to find out. Since all of the brokers we know are happy to give free quotes with no strings attached, you have nothing to lose and maybe a lot to gain.
After getting a low quote from an insurance company that uses the 12-month smoker definition, you'll need to fill out a full application form. Make sure to read each question carefully and give full, honest answers to all of them. Too many people try to get a low insurance premium by not telling the whole truth. Don't fall for it. If you make a claim, the insurance company will check the information you gave them again, even if it's been a long time.
In the past few years, insurance companies have become pickier about who they will insure on standard terms, which is the price you were given at first. The company's rules about health and weight have become much stricter, which means that more customers are having their premiums raised. So, you shouldn't cancel your current life insurance policy until you get a final acceptance notice at a price that will give you the savings you want.
The process of switching policies may sound scary, but it's not that bad. Think about how much money you'll save! Just something to make up for the stress of quitting smoking.
Have a good time.
