Life Insurance for Ex-Smokers
Many people are reaping the health benefits that come with quitting smoking - one benefit could be cheaper life insurance premiums as insurers will generally charge less for people who have not smoked for at least 12 months.
To classify as an ex-smoker, insurance companies usually prefer you to have given up smoking for at least one year. This will not be credible if you have used nicotine products to replace smoking during this time. If you fall into the category of ex-smoker, you should expect to see your premium rates return to standard costs.
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Many ex-smokers are paying too much for their premiums because they have not declared to their insurers that they have given up the habit. If you already have life insurance and you are an ex-smoker, look into your policy and see if you can save yourself some money.
When taking out life insurance as an ex smoker make sure you are completely honest on your initial application form about your smoking. Failure to disclose any important information could lead to a refusal to pay out on the policy if there is a claim.
It is worth checking the small print of any life insurance contract as there may be something that you have missed out.