Life insurers often take a variety of things into consideration before writing a policy. Their priority is on making the most money while paying out the least amount of money possible. They do not want to take a risk on anyone who might cost them more than what the person is worth. As such, many of these companies will refuse to issue coverage to people who smoke or use tobacco. However, you could secure term insurance for cigar smokers in New York by keeping these tips in mind.
To start, you might realize you will be paying more for your policy. Because you use tobacco products, you are inflicting more damage to your body. Statistics show your life expectancy will not be as high as that of people who do not smoke or use tobacco. The insurer will assume your life will be shorter and thus be forced to pay out the amount of the policy sooner.
To compensate for this fact, the insurer will charge you double or triple for the policy. It also will not allow you to pay the premiums monthly but rather insist on you paying it every six months to a year. In this way, it recoups as much cash as possible from you. These conditions are not imposed on people who do not smoke.
Another point to remember involves the possibility of having to get a physical exam done before the policy can be written. The business will want to know in what shape you are in and if your health is relatively stable for now. If you are very ill or on the verge of death, chances are the policy will not be written at all. Your doctor will need to verify your state of health.
Further, the business could require you to pay into the policy for a set number of years first. In many cases, even with people who do not smoke, insurers require a set number of payments before any claims can be paid out in full. This arrangement allows insurers to make a profit first before paying money to the next of kin.
The standard amount of time for most people is two years. However, this applies only to non-smokers and people in good health. For a smoker like you, you will probably have to make three or four years' worth of payments into it. This length of time allows the business to make money without losing much if any.
It can be important for you to shop around for the best policy for you. You do not have to pay more than necessary. Shopping around lets you know what your options are and get the best deal for your money. You also can get coverage on your own terms by comparing and contrasting companies.
Term life insurance for cigar smokers will be pricier than policies for non-smokers. Even so, you still might want this protection in place. You might get the best policy by knowing what the terms and conditions are before you sign up for it.
To start, you might realize you will be paying more for your policy. Because you use tobacco products, you are inflicting more damage to your body. Statistics show your life expectancy will not be as high as that of people who do not smoke or use tobacco. The insurer will assume your life will be shorter and thus be forced to pay out the amount of the policy sooner.
To compensate for this fact, the insurer will charge you double or triple for the policy. It also will not allow you to pay the premiums monthly but rather insist on you paying it every six months to a year. In this way, it recoups as much cash as possible from you. These conditions are not imposed on people who do not smoke.
Another point to remember involves the possibility of having to get a physical exam done before the policy can be written. The business will want to know in what shape you are in and if your health is relatively stable for now. If you are very ill or on the verge of death, chances are the policy will not be written at all. Your doctor will need to verify your state of health.
Further, the business could require you to pay into the policy for a set number of years first. In many cases, even with people who do not smoke, insurers require a set number of payments before any claims can be paid out in full. This arrangement allows insurers to make a profit first before paying money to the next of kin.
The standard amount of time for most people is two years. However, this applies only to non-smokers and people in good health. For a smoker like you, you will probably have to make three or four years' worth of payments into it. This length of time allows the business to make money without losing much if any.
It can be important for you to shop around for the best policy for you. You do not have to pay more than necessary. Shopping around lets you know what your options are and get the best deal for your money. You also can get coverage on your own terms by comparing and contrasting companies.
Term life insurance for cigar smokers will be pricier than policies for non-smokers. Even so, you still might want this protection in place. You might get the best policy by knowing what the terms and conditions are before you sign up for it.
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