Getting and maintaining a life insurance policy is a basic step is achieving financial stability. It can be an intimidating task to learn about the different types of life insurance policies that exist, and what each type has to offer. Unfortunately, many people put off the important task of getting life insurance because they don't know the right questions to ask, or they worry that they may not qualify for life insurance because of their medical history. The good news? It's possible to get life insurance even if you're a former smoker or have other underlying health issues. Check out these tips about life insurance for ex smokers and other folks with medical issues.
Life Insurance for Ex Smokers and Others
There are many different kinds of life insurance and they serve a lot of different purposes. Keep in mind that life insurance is a financial security, and as such, it's a heavily regulated product. The laws and protocols will vary from one state to the other, and so these are general guidelines to consider. Also, getting life insurance for tobacco users is usually more expensive as well.
To learn the specifics of a life insurance policy for ex-smokers that you may be interested in, you'll want to talk to a insurance agent who is licensed for your state. When you talk to a trusted professional, they'll take the time to answer all your questions and help you with the process of applying for life insurance. Common life insurance types include:
- Whole Life Insurance
- Term Life Insurance
- Universal Life Insurance
- Variable Universal Life Insurance
Keep in mind that a good guideline to follow is that term life insurance will provide you life insurance coverage for a specific length of time, which is called the 'term.' For example, you may purchase a 20-year term policy. That means you would be able to have that life insurance coverage for those twenty years, presuming that you keep paying the bill in a timely manner and don't have any disqualifying events like fraud.
Different Types of Life Insurance
Whole life, as it sounds, doesn't offer life insurance coverage for only a specified time period. Instead, whole life is a life insurance that you can potentially keep for up to your whole life - although you want to ask how that's defined on any policy you're considering purchasing. For instance, a whole life policy may be a product you can carry your entire life up to the age of 99 or 95. Just be sure to ask whether there is an age after which you may need to convert your life insurance policy to another type of coverage.
Ask About Cash Value
Each type of life insurance has different advantages and disadvantages, so you'll want to consider all your options before making a decision. Generally speaking, you may find that term life is offered at a lower price, while whole life policies allow you to build up cash value. Other kinds of life insurance products, like Variable Universal Life or Universal Life policies, will often have a financial investment component in addition to the death benefit.
The good news is that you can speak to a licensed insurance agent for free. Just talking with a life insurance agent will help to shed light on many of your questions, so you can become a more educated life insurance consumer. You are under no obligation when you speak with an agent. Once you've had a chance to learn more about your different options, then you can choose the type of coverage that best suits your needs.
It's possible for you to purchase life insurance for ex smokers. Many people have underlying health issues, including chronic diseases like diabetes or heart disease, and some people are looking for term life insurance for smokers. One of the first steps in the life insurance application process often involves health and medical underwriting. Sometimes a person will be asked to complete a medical history, and other times a person may be requested to have a full medical examination. It's possible that you, even as an active smoker or tobacco user, may be able to qualify for some kind of life insurance coverage. However, it's probable that you will be charged higher, tobacco-user rates for the insurance coverage.
Tobacco History and Rates
It's always necessary that you disclose honestly your status as a tobacco user, or as a former tobacco user. What do you do if you later quit smoking? You may need to confirm your non-smoking status through a medical exam. The exam may include a test for presence of tobacco.
Waiting Period for New Rates
Generally, a life insurance company may require that you are confirmed as a non-tobacco user for a particular length of time before they'll consider adjusting your life insurance rates to a different price. The length of time before the price adjustment happens will vary from one product to another, but it's not uncommon for the length of time to be in the ballpark of 1 to 2 years.
Contact Us To Learn More
If you've been concerned that you may not be able to get life insurance, we want to offer you some peace of mind. It's possible that you can get coverage to take care of your financial obligations and provide financial security to your loved ones. After all, agents are in the business of helping people attain their financial goals. Contact us today and we'll get you started on your first step toward achieving financial security, and get a free life insurance quote today.