Non Smoker Life Insurance

Life Insurance Take a last gasp and count the savings!

We're not being insensitive, honestly! We're talking about your last

gasp of smoke - have you given up smoking recently?

Did you know that smokers paying up to 60% more for their life

insurance

cover compared to non-smokers. So, besides the health dividend and the

money saved on cigarettes, insurance companies will chip in with lower

life 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 rates

if 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 extra

spending money if you've only recently given up smoking. However,

people

in the know have pointed out a way to speed things up.

They point out that some insurers have adopted a more relaxed

definition

of 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, find

out how much you can save by moving your life insurance to one of these

insurers. But be careful. You must never cancel your existing policy

until 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 three

criteria:

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. That

ensures

you get a really cheap quote.

They'll phone you with the quote and provide further help - this is

essential as the chances are that the price they will initially phone

you with, will be from an insurer using the a five-year smoking

definition. You have to tell them that you need the cheapest quote from

a company using the twelve-month smoking definition . That means

they'll

have to call you back after doing some digging.

If you use a web site that provides an immediate on-screen quote, you

won't know whether the quote provided comes from an insurance company

that uses the 5-year or 12-month smoker definition. Online systems

never

tell you. That's why you need to be able to speak to a life insurance

adviser 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 policy

you 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're

likely 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, the

savings could be less than the 60% we have indicated. However, life

insurance is one of those things that's become cheaper over recent

years

- so until you get the figures in front of you, the savings are hard to

predict. 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 without

any obligation, you've nothing to lose and possibly lots to gain.

After finding a cheap quotation from an insurer with the 12-month

smoker

definition, you'll have to complete a full application form. Be sure to

read every question carefully and answer all the questions fully and

honestly. Far too many people try to ensure they qualify for a low

premium by being "economical with the truth". Don't be tempted. If

there

is a claim, the insurer will recheck the information you provide, even

if 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 first

price you were quoted. The company's selection rules about health and

weight have become far tougher resulting in more clients having their

premium loaded. That's why you must not cancel your existing life

policy

until you've got a final acceptance notice at a price that gives you

the

savings 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 reward

for the stress of giving up smoking.

Best of luck.

Resource Box

Michael writes for Express Life Insurance who offer Mortgage Life

Insurance and critical illness insurance. Click here for more life insurance

topics


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