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Yes they are. But it is important to define a smoker. Life
Insurance Companies define a smoker as: -
“someone who has used, smoked or otherwise consumed
nicotine products
of any kind of during the previous 12 months.”
Some insurance companies have extended this definition from
“the previous 12 months” to 5 years. If you have
given up smoking during the previous 1 to 5 years, you will
save money by seeking a quotation from an insurance company
that uses the 12 month definition.
When an insurance company calculates its premiums, it estimates
how long you are likely to live. (With Critical
Illness Insurance, they also need to estimate how likely
you are to become seriously ill whilst the policy is in force.)
To do this it will take into account for whether you smoke,
your age, { home insurance }whether youare male or female, your occupation,
lifestyle and health record.
Research shows that smoking can damage your health. Therefore,
insurance companies require higher premiums from smokers.
Through the application form insurance companies ask about
the type of and quantity of tobacco products you use. This
information is used to predict your future health and consequently
becomes an important aspect of their risk assessment.
Despite some Pro Smoking Pressure Groups arguing that smokers
under the age of 40 have about the same probability of dieing
than non smokers, a typical man aged 25 will probably be charged
up to 50 % more on a 15 year life insurance policy than a
non-smoker.
If you smoke it becomes essential to seek out the cheapest
possible premium.
The following Frequently Asked Questions are related to the
above topic. You may care to read them: -
Is the quoted price the same as
the price I get charged?
Do I need a medical?
Can Life Insurance cover be
arranged quickly?
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