Tobacco Ratings and Life Insurance

Life insurance often is pitched to the consumer as being “inexpensive” or “cheap”. Those “buy $500,000 dollars of coverage for a $1 day”; what they don’t tell you is that this is the going rate for a young triathalete in perfect health that does not smoke or use tobacco. As soon as you put tobacco usage in the mix, your premium could almost double or worse. So that $1 a day coverage could be $2, $3 or more per day and sometimes for less coverage.

What is considered tobacco usage?

• Cigarette use, whether it is one cigarette every hour or every year typically will get the same rate increase.
• Cigar use can be more lenient with usage of just up to one cigar per month, some carriers may not rate you as tobacco or they may give you a best tobacco rating.
• Chewing tobacco is similar to a cigarette rating.

All carriers underwriting standards when it comes to tobacco can differ slightly. Your insurance agent should be able to research which is best for you situation. On carrier that excels at working with clients who use tobacco is Foresters. They are a 100+ year old company, provide excellent policy options and free (yes free) benefits included in their life policies and they DO NOT rate chewing tobacco as “tobacco”. You can now afford more coverage or apply for the desired premium you choose if you are a chewing or cigar tobacco user.

Let us help you navigate around your tobacco usage if you fit into either of those categories.

www.insuranceslc.com

801-572-5669