All insurance firms see every applicant as risk. This is because no matter how healthy a person can be, he can meet his demise in an untimely manner especially if it will be caused by an accident. This risk can increase depending on the situation that they are in. There are three primary classifications where an applicant can be put into; the standard, preferred and preferred plus. Those who are in great shape and without illness are normally placed in the preferred plus and are given the lowest possible rates. Those who are not into extreme sports and have minor illnesses are in the preferred plus while the people who smoke and drink and may have major diseases are into standard where premiums are quite expensive. It has been a good rule of thumb that the healthier people tend to get the lowest possible figures as they can most likely outlive plans.
Even the smokers in the standard class are granted the coverage they need, they are advised though to observe measures that will eventually enable them to stop the bad habit they acquired. This will not be the case with health insurance for smokers. Rather, it will give them the best of both worlds; the protection and keeping on with their lifestyle.
Here are quite a few truths that you should know about this policy.
* The apt riders that can be purchased with this plan are critical illness coverage and return of premium.
* This requires the plan holder to pay for higher premiums because of the underwriters will waive the former’s smoking; meaning, it will not have a bearing on the underwriting procedure.
* It is definitely expedient to buy this plan as you can seal the deal over the internet. You will be glad that the waiting time is considerably shortened as the underwriters are looking into factors that are one fewer. You can pay your first premium as well electronically.
Do not commit the mistake of taking the premiums matter lightly. If you will just take time to analyze and see beyond the figures presented to you, you will find out a few alarming truths. Based on the prevailing rates in the market, a smoker’s rate is a hundred bucks more expensive compared to a non-smoker’s quote. This means that you could have saved a whooping $1500 if for instance you bought a term policy that would grant you coverage for 15 years. You may be able to save more of your mighty dollars if you would not smoke.
It is of paramount importance that you have an idea how a carrier define a smoker especially if you know very well that the description fits you so that you can have a shot to qualify for the lowest possible rates. The insurance firms classify someone as a smoker when there are nicotine traces in his blood. There are medical examinations that can detect this such as blood test and urinalysis. The key here is to refrain from smoking at least a few weeks prior to the say of the screening so that you will be cleared from nicotine. If you want, you can do mock testing by employing the services of a diagnostic centre that is nearest to your place. This way, you can prepare beforehand and have increased chances that you will not be tagged as a smoker by your preferred insurance company.
Lying on your life insurance application may get you lower or affordable premium rates, however; there may be severe consequences when you lie on your application for a life insurance policy. You should not life on your insurance application because this becomes part of your policy which is a legal contract between you and the insurance provider. When an insurance company catch a policy holder who lies about his/her smoking status, the insurance company will immediately convert your rates to that of the rates of a smoker.
Insurance plans have some sort of limitations too. For instance, there is a clause that avers that in the event that the policyholder meets his demise within the first two years of the plan, the carrier will only pay out to the beneficiaries all the premiums that the insured paid. As for health insurance for smokers, the terms and conditions of the two-year clause slightly differs. If the policyholder’s death will be caused by any illness that is brought about by smoking within the specified period, the whole proceeds may not be paid out.
Article by Gregory Winans who is a specialist in life insurance. For more information on smoker insurance, visit his site today.