Life insurers often take a variety of things into consideration before writing a policy. Their priority is on making the most money while paying out the least amount of money possible. They do not want to take a risk on anyone who might cost them more than what the person is worth. As such, many of these companies will refuse to issue coverage to people who smoke or use tobacco. However, you could secure term insurance for cigar smokers in New York by keeping these tips in mind.
One of the first details you might want to keep in mind involves the fact that you will be paying more for your policy. Insuring people who smoke is not an inexpensive endeavor. Companies realize they are taking on a bigger risk than if they were insuring non-smokers. This is because your life will probably be shorter, and the company will probably end up paying out the claim sooner.
The premium could be double or triple what you would otherwise pay if you were not a smoker. You may have the option of paying the premium on a monthly basis. However, it is more likely that you will be asked to pay it in six month or yearly increments. This payment option means the company gets its money upfront.
Another point to remember involves the possibility of having to get a physical exam done before the policy can be written. The business will want to know in what shape you are in and if your health is relatively stable for now. If you are very ill or on the verge of death, chances are the policy will not be written at all. Your doctor will need to verify your state of health.
Further, the business could require you to pay into the policy for a set number of years first. In many cases, even with people who do not smoke, insurers require a set number of payments before any claims can be paid out in full. This arrangement allows insurers to make a profit first before paying money to the next of kin.
The standard amount of time for most people is two years. However, this applies only to non-smokers and people in good health. For a smoker like you, you will probably have to make three or four years' worth of payments into it. This length of time allows the business to make money without losing much if any.
It can be important for you to shop around for the best policy for you. You do not have to pay more than necessary. Shopping around lets you know what your options are and get the best deal for your money. You also can get coverage on your own terms by comparing and contrasting companies.
Given the amount of liability it will assume, your insurer will probably charge you more for life insurance. Still, there is no reason for you not to get a good deal. You can head into the arrangement by keeping these key facts in mind as you shop for a cigar smoker policy for you.
One of the first details you might want to keep in mind involves the fact that you will be paying more for your policy. Insuring people who smoke is not an inexpensive endeavor. Companies realize they are taking on a bigger risk than if they were insuring non-smokers. This is because your life will probably be shorter, and the company will probably end up paying out the claim sooner.
The premium could be double or triple what you would otherwise pay if you were not a smoker. You may have the option of paying the premium on a monthly basis. However, it is more likely that you will be asked to pay it in six month or yearly increments. This payment option means the company gets its money upfront.
Another point to remember involves the possibility of having to get a physical exam done before the policy can be written. The business will want to know in what shape you are in and if your health is relatively stable for now. If you are very ill or on the verge of death, chances are the policy will not be written at all. Your doctor will need to verify your state of health.
Further, the business could require you to pay into the policy for a set number of years first. In many cases, even with people who do not smoke, insurers require a set number of payments before any claims can be paid out in full. This arrangement allows insurers to make a profit first before paying money to the next of kin.
The standard amount of time for most people is two years. However, this applies only to non-smokers and people in good health. For a smoker like you, you will probably have to make three or four years' worth of payments into it. This length of time allows the business to make money without losing much if any.
It can be important for you to shop around for the best policy for you. You do not have to pay more than necessary. Shopping around lets you know what your options are and get the best deal for your money. You also can get coverage on your own terms by comparing and contrasting companies.
Given the amount of liability it will assume, your insurer will probably charge you more for life insurance. Still, there is no reason for you not to get a good deal. You can head into the arrangement by keeping these key facts in mind as you shop for a cigar smoker policy for you.
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