What is Smokers Insurance?
This is a UK Life Insurance Policy specially designed for smokers or people who use tobacco products such as chewing tobacco or smoking cigarettes, cigars etc.
If you have smoked cigarettes, Cigars, Pipes, Chewed tobacco or used nicotine products such as nicotine gum or patches within the last twelve months then you are classed as a smoker and will require smokers insurance as opposed to general life insurance.
Why do I need Smokers insurance?
If you where to die prematurely (which is more likely to happen being a smoker), could your family or loved ones cope with the financial impact of your death?.
Smokers insurance is a policy specially designed for smokers which pays out a lump sum of money should you die.
Your family can then use this payment to pay off any debts or burdens you may leave behind such as a mortgage or any finance agreements for example.
What are the different types of Smokers Insurance available to me?
The different type of smokers insurance are:
Smokers term life insurance
Term Life Insurance for Smokers is a life insurance policy which runs for a specified amount of time usually in years. The premiums and value of the policy remain the same throughout itís duration and at the end of itís term it simply terminates with now monetary value and you then stop paying your premiums.
Smokers whole life insurance
Whole Life Insurance For Smokers or Smokers Life assurance is an insurance policy which runs for the whole duration of your life. This policy pays out on the eventuality of when you die and not if you die like with smokers term life insurance.
Part of your premiums are invested into other companies and the stock market and you will usually find that the premiums for smokers whole life insurance are usually a little more expensive than term insurance.
Smokers mortgage life insurance
Mortgage Life Insurance For Smokers is the term given to a life insurance policy which will decrease in value throughout itís term and usually runs inline with the value of your mortgage. This policy is taken out by life insurance smokers who want to protect their mortgage and this policy is ideal for capital and re-payment mortgages but not interest only.
Smokers critical illness insurance
Critical illness insurance for smokers isnít technically life insurance. It covers smokers against critical illnesses such as advanced cancers, heart attack, stroke etc.
This policy pays out should you die from or are diagnosed with the insurance providers list of critical illnesses.
Will my life insurance premiums be more expensive because I smoke or use tobacco products?
This is quite possible. Because you smoke or use tobacco products, insurance providers class you as a ĎLife Insurance Smokerí and your premiums may be higher than those who do not smoke.
Not to worry though as you can compare quotes from many of the UKís largest life insurance companies to offer you some fantastic rates for your smokers insurance.
I have recently quit smoking, can I apply for life insurance as a none smoker?
With most UK life insurance companies, you will only be classed as a none smoker if you have not used any tobacco products within the last twelve months.
It is strongly advised that when applying for any life insurance product you must always provide true and up to date information otherwise this could affect your policy should you need to make a claim.