Worried your smoking habit may hinder your ability to qualify for life insurance? Criss Crombie, Life and Financial expert at Empower Brokerage, hears this questions often. Watch the video below to find out if smokers qualify for life insurance!
Q: Can smokers get life insurance?
A: It depends!
It depends on what you’re smoking and how often you smoke. For the most part, when people talk about smoking, they’re typically referring to cigarettes. With that being the case, yes, you can get a life insurance policy if you’re a smoker, assuming that you qualify, meaning you don’t have any severe health conditions. Keep in mind that even though smokers qualify for life insurance, they will get a tobacco rating. In other words, smokers have to pay more in premium for a life insurance policy.
Now if you smoke a pipe or a cigar occasionally, you can get a more favorable rating with some insurance companies. In some instance, you can even get a non-tobacco rating. Additionally, if you smoke marijuana, there are some companies that will allow you to get insurance coverage. As for electronic cigarettes, which are trending among smokers, most insurance companies look at e-cigs as traditional tobacco or traditional smoking so you would get a tobacco rating. Bottom line: it depends on what you smoke, but yes, smokers qualify for life insurance.
Since insurance is oftentimes overwhelmingly confusing, we want to shed light on this industry by answering YOUR questions. So if you have any questions or concerns, comment below and your question may be the topic of our next video!
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