Life Insurance Take a last gasp and count the savings!
We're not being insensitive, honestly! We're talking about your lastgasp of smoke - have you given up smoking recently?Did you know that smokers paying up to 60% more for their life
insurancecover compared to non-smokers. So, besides the health dividend and the
money saved on cigarettes, insurance companies will chip in with lowerlife insurance premiums. And the insurance savings aren't to be sneezed
at! A typical policyholder could save at least £10 or more per month.
With most insurance companies, you qualify for non-smoker premium ratesif you haven't smoked or otherwise used nicotine products, within the
last five years. Now five years is a long time to wait for the extraspending money if you've only recently given up smoking. However,
peoplein the know have pointed out a way to speed things up.They point out that some insurers have adopted a more relaxed
definitionof a non-smoker. Some insurers have shortened the 5 year smoke free
period to just twelve months. So if you haven't smoked for a year, findout how much you can save by moving your life insurance to one of these
insurers. But be careful. You must never cancel your existing policyuntil you've received written acceptance from the new insurer.
How do recent non-smokers find the right insurer?First go onto Internet because that's the best way to find cheap
insurance. Then search for a life insurance broker that fulfils threecriteria:The broker must search the whole insurance market for the lowest price
-this means that they will find the cheapest insurance company for you.The broker must be prepared to discount the prices - they achieve this
by rebating some of their commission back into your policy. Thatensures
you get a really cheap quote.
They'll phone you with the quote and provide further help - this isessential as the chances are that the price they will initially phone
you with, will be from an insurer using the a five-year smokingdefinition. You have to tell them that you need the cheapest quote from
a company using the twelve-month smoking definition . That meansthey'll
have to call you back after doing some digging.
If you use a web site that provides an immediate on-screen quote, youwon't know whether the quote provided comes from an insurance company
that uses the 5-year or 12-month smoker definition. Online systemsnever
tell you. That's why you need to be able to speak to a life insuranceadviser on the phone so you can explain what you need. Of course, to be
able to be able to make a direct comparison with your existing policyyou need to get a quote on an identical policy that terminates in the
same year as your existing policy.
Once you've got the right quote, you'll be able to see much you'relikely to save. So if the price looks right, make a full application.One of the main aspects that will affect your premium is your age.
Therefore, if your existing policy was bought some years ago, thesavings could be less than the 60% we have indicated. However, life
insurance is one of those things that's become cheaper over recentyears
- so until you get the figures in front of you, the savings are hard topredict. You'll just have to get a quotation and find out! As all the
brokers we know are only too pleased to provide free quotations withoutany obligation, you've nothing to lose and possibly lots to gain.After finding a cheap quotation from an insurer with the 12-month
smokerdefinition, you'll have to complete a full application form. Be sure to
read every question carefully and answer all the questions fully andhonestly. Far too many people try to ensure they qualify for a low
premium by being "economical with the truth". Don't be tempted. Ifthere
is a claim, the insurer will recheck the information you provide, evenif it's many years later.Over the last few years insurance companies have become more choosey
about whom they accept on standard insurance terms - that's the firstprice you were quoted. The company's selection rules about health and
weight have become far tougher resulting in more clients having theirpremium loaded. That's why you must not cancel your existing life
policyuntil you've got a final acceptance notice at a price that gives you
thesavings you're looking for.Whilst the process to switch a policy may sound a little daunting, it
isn't really too bad. Just think of the money you'll save! Just rewardfor the stress of giving up smoking.Best of luck.Resource BoxMichael writes for Express Life Insurance who offer Mortgage Life
Insuranceand critical illness insurance. Click here for more life insurance topics
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