Kentucky Life Insurance for Smokers
If you are a smoker, then you probably already know that you are going to have a more difficult time finding affordable Kentucky life insurance than most people. Smokers create a large amount of risk for life insurance companies because smokers, on average, die about 10 years earlier than the average person. Because life insurance is an important part of anyone's financial planning, you are faced with the chore of finding Kentucky life insurance as a smoker. This is not a big a task as you may have been told. However, there are a few things you should think about before you purchase any Kentucky life insurance.
Does Kentucky Life Insurance Consider You a Smoker?The definition of a smoker by Kentucky life insurance companies is generally very strict. You will be asked questions concerning your smoking of cigarettes, cigars, pipes and even smokeless tobacco. It is important to give an honest account of your tobacco using habits. The sad truth is that if you smoke a pack a day or two or three cigarettes on the weekend, you will probably be considered in the same risk category by most Kentucky life insurance companies. This is partly because there is still health risks associated with an occasional smoker. However, if you smoke cigars only on special occasions, you will most likely not be considered a smoker by Kentucky life insurance companies.
Being Accurate on Your Kentucky Life Insurance ApplicationYou will be asked questions about your smoking habits on your Kentucky life insurance application. Also, you will most likely have to take a medical examination to determine the current state of your health. Many life insurance companies will ask for a blood and/or urine test to check for nicotine levels. If you are found to have nicotine in your system after you have filled out the Kentucky life insurance application as a non-smoker then you may be rejected altogether for Kentucky life insurance. At the very least, you will have to pay smokers' rates for life insurance.
Contested Kentucky Life Insurance PoliciesIf you have a Kentucky life insurance policy that has you listed as a non-smoker and it is found out that you are indeed a smoker, then there may be some consequences. If it is determined that you simply lied about being a smoker, then the following may occur:
If you become a smoker after you have purchased a Kentucky life insurance policy, the rules are a little different. Legally, you do not have to tell your life insurance company that you have become a smoker and the death benefit is technically not in jeopardy. A problem may arise, however, if you pass away due to a smoking related illness. The Kentucky life insurance company may contest the policy and there may be a legal battle with your beneficiaries as to whether or not the claim will be honored. It could be a long, frustrating process for them, which may or may not work out in their favor.
Becoming a Non-Smoker for Kentucky Life InsuranceIf you are a smoker when you purchase your Kentucky life insurance policy, you may be able to get non-smoker rates if you stop smoking. It generally depends upon the Kentucky life insurance company, but most companies will require that you go 6 months to 1 year without smoking before they re-evaluate your life insurance rates. Once you have made it through the waiting period as a non-smoker, you will most likely have to take another medical examination and fill out another Kentucky life insurance application.
Shopping Around for Kentucky Life Insurance for SmokersNot all Kentucky life insurance companies weigh the risk of smokers exactly the same. Also, you may have other risk factors and/or positive aspects of your application that will also be weighed differently by the various life insurance companies. Because of this, it is important to shop around for at least 5 Kentucky life insurance quotes. This will help you compare the rates of the various Kentucky life insurance companies and you may be surprised at how much money shopping could save you.
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