Hello, my fiance and I are currently looking at life insurance plans. I quit smoking 7 months ago, he quit about 18 months ago. Some of the policies we are looking at allow you to claim non-smoker status after not smoking for a year. My confusion stems from information I see that states to be truthful about smoking status because if you die from a smoking-related illness your claim can be denied. However, we both smoked for 40 years or so. Even though we quit it is still possible we could die from a smoking related illness. So it sounds like if he goes by their rules and claims non-smoker status, they could still deny the claim. We are looking at no medical exam policies because coronavirus makes me feel like we need coverage immediately. I would be in serious trouble and lose our home if he died tomorrow. So am I interpreting this correctly? What happens if he truthfully claims non-smoker status going by their rules, but still develops lung cancer from previous decades of damage?
Question about life insurance and former smokers
- Thread starter ocnjgirl
- Start date
- 25,990
In correct. You could die in an auto accident and be denied. Most likely would be denied.
Exactly why the extra premium for smoker should be concidered insignificant when compared to the risk. What may be a good option is apply and have the smoking rate reduced to nonsmoker later. I just did this for a client and it cut the rate almost 50%. Another option is by a shorter term plan then convert or rewrite after you are eligible for non smoker.
It is important that you work with an agent that knows what he is doing and will be there.
There are several ways to fix this problem.
Non Tobacco has a look back period. Sometimes 1 year or 2 years.
As long as he is past the contestability period he would be good. I have had clients die of cancer well with in the contestibility period and the policy paid. And these were $1,000,000 + policies.
If an agent suggests you fib on an app have them promise to pay if the company does not.
- 17,048
I have sold Royal Neighbors fully underwritten policies to people in your situation before and it worked fine. You sign up as a smoker and you verify with doctors records once you’ve gone a year without smoking a single cigarette. They change the status to non-smoker at that point.
- 25,990
It can be done with non med companies as well.
A cover letter with the app may help a little. But the urine test will be the deciding factor.
A cover letter with the app may help a little. But the urine test will be the deciding factor.
- Thread starter
- #5
I think you misunderstood. I quit 7 months ago, he quit 18 months ago, so he is within their non-smoker rules. But again, he smoked so long he could still develop a smoking related illness despite having quit. Will they try to say he lied about being a non-smoker? How do you verify with a doctor's record? He quit on his own, and uses the VA for medical care.
I don't understand why a claim would be denied if he died in an auto accident, can you explain that, Winoblues?
Newby, is Royal Neighbors a no exam/no waiting period policy?
Also I maybe should add our ages. I'm 58 end of this month, and he's 54. The only health issues I have are arthritis related. He has none that we know of.
Thanks for replying!
I don't understand why a claim would be denied if he died in an auto accident, can you explain that, Winoblues?
Newby, is Royal Neighbors a no exam/no waiting period policy?
Also I maybe should add our ages. I'm 58 end of this month, and he's 54. The only health issues I have are arthritis related. He has none that we know of.
Thanks for replying!
- Thread starter
- #6
Also, can someone tell me how to reply to an individual post?
The reason we are looking at no medical exam policies is so that we can get something relatively soon. What are your opinions on these? I would probably be okay with policy up to about $250,000. Maybe less, depending how much the premiums are.
The reason we are looking at no medical exam policies is so that we can get something relatively soon. What are your opinions on these? I would probably be okay with policy up to about $250,000. Maybe less, depending how much the premiums are.
- 25,990
- Thread starter
- #8
- 2,296
No medical exam policies generally are graded death policies meaning that if you die in year 1 you get back the premium paid plus interest, die in year 2 you get less than the death benefit or just your premium back. Many non-medical policies cap out at 25-50K of death benefit.
You need to get your application in and do the medical exam for full underwriting. It is going to take a few weeks for any tests and an offer for insurance. Get a 100K Term policy with smoker rates and get it issued on a 10 year term. Keep up with the non-smoking and reapply in 2 years for a larger death benefit as a non-smoker or have the company rerate the current policy as a non-smoker and the premium will go down. (You could also raise the death benefit and keep the old premium) Send me your info and I will take it to market for you. The sooner the application has someone working on it, the faster the policy will be issued. Height and weight have as much to do with issuing a policy as smoking.
You need to get your application in and do the medical exam for full underwriting. It is going to take a few weeks for any tests and an offer for insurance. Get a 100K Term policy with smoker rates and get it issued on a 10 year term. Keep up with the non-smoking and reapply in 2 years for a larger death benefit as a non-smoker or have the company rerate the current policy as a non-smoker and the premium will go down. (You could also raise the death benefit and keep the old premium) Send me your info and I will take it to market for you. The sooner the application has someone working on it, the faster the policy will be issued. Height and weight have as much to do with issuing a policy as smoking.
- 25,990
