Do Vapors Pay Smoker’s Rate for Life Insurance?
Before becoming a vapor, it is important to know how vaping affects your life. One of the most important things to consider is how it affects your life insurance. This is the kind of question that is regularly asked on life insurance FAQs across the internet. Smoking is among the major elements that affect the rates of premiums paid on life insurance policies. Most insurance companies charge high premiums for smokers than the non-smokers. Their argument is that smoking has serious effects on the health of an individual, making the high rates justifiable. Despite being declared 95% safer than traditional cigarette smoking, vaping too affects your life insurance premiums in various ways. Click here for more information.
Cigar smoking is harmful to health due to the nicotine content. The nicotine that is taken in during a smoke compromises the cardiac health considerably. Nicotine constrict various blood vessels. For an adequate amount of blood to move through the vessels therefore, the heart has to work extra hard. This overworks the heart which is as a result unhealthy for the heart. When calculating your annual premiums, insurance companies consider whether you use nicotine. Nicotine users are often required to pay higher premiums. For some companies in certain companies, the premiums for smokers are almost double those of non-smokers.
Just like cigarettes, vaping too releases nicotine. The vaping juices have nicotine content in them. People that consume nicotine products are often subjected to the smoker’s rate when paying for life insurance, regardless of the product. Vapors are often classified smokers by most insurance companies. Vaping is often considered among other factors in calculating the premiums. One of such factors is the age of the insured. Although the effect of age on a vapor’s life insurance premiums varies from one company to another, the differences are approximately similar. However, it is possible to vape and avoid these premiums if you’re using CBD vape oil rather than an oil with nicotine in it. UK CBD Gummies is considered beneficial to health, so there’s no reason why insurance companies would consider you to be at the same risk as a smoker if you were vaping CBD oil instead.
For a 30 – year old vapor, the premiums are estimated to be higher by a third of the typical premiums. The older the insured is, the higher the premiums paid. For a 50 year old therefore, the premiums are estimated to be double the cost of premiums for a non-vapor of the same age.
When singing up for a life insurance, it is important to note what is considered as smoking. A majority of the insurance companies consider anything that involves nicotine consumption as smoking. Although some companies have included vaping in their papers, others still consider it under smoking. For such companies therefore, you will need to check on smoker despite being a vapor.
Although some companies do not have actual terms for vaping, you are required to inform them that you use nicotine by classifying it under smoking. Failure to inform your insurer about being a vapor is classified as material misrepresentation. When claiming the payout and the insurance company discovers that the insured left out information about using nicotine products, they may well decline to make the payment for the claim. In less serious cases, the insurer may pay an amount much lower than that paid for a non-vapor.
Insurers do not consider vaping any healthier. Your beneficiaries therefore risk losing the claim should you tick the non-smoker check box.
Award-winning UK life insurance broker Reassured have written an in-depth article on smoking, vaping and life insurance.
