August 2, 2018

Benefit stopped smoking

Another benefit of having stopped smoking is cheaper life insurance.

Our Client

Our client,  a 52-year-old lady was looking for longer-term life insurance to provide financial protection for her family in the event of her death. She had an existing life insurance policy with a sum assured of £220,000, over a term that would expire at age 69.  At the time she made her application, she was a smoker. Therefore, she was paying a higher ‘smoker rate’ of £76.94 per month for her cover.

However, she informed us that she stopped smoking cigarettes around 5 years ago and had been using e-cigarettes ever since. Most insurance companies would still class people who use an e-cigarette or other nicotine replacement products as smokers and charge them the same rates. However, one high street provider is able to offer near non-smokers rates to people who have been  ‘Vaping’ only for 12 months or more.

Our Process and advice

At Future Proof, we have access to specialist insurance companies that don’t deal directly with the public. These companies offer more specialised policies, designed to provide cover where other major providers can’t.

Our research process involves us contacting many insurers to find out the best possible outcome for our clients. Which avoids any nasty shocks later on during the underwriting process.

Would the insurer add a ‘loading’ to their standard premium? (this is an additional sum charged on top of their standard monthly premium to reflect their additional risk). Or, exclude a condition?

Might they decline the application? We want to avoid wasting time by making applications that may be declined.

We have up to date knowledge of the ever-changing landscape of underwriting for all providers in the UK. Future Proof is committed to thorough research so that you don’t have to. What’s more, our advice comes at no obligation and with no hidden costs.  You don’t pay us directly but we do get paid by the insurer if you decide to start a policy with them.

The outcome of having stopped smoking

As a result, we were able to arrange £220,000 of life insurance for our client. Which will run until she reaches 85 years old, for a monthly premium of £89.91. This means that she has gained 16 years more cover for only £12 more per month in premiums.

Had she gone with a different provider who would charge her smokers rates, she would have been paying a minimum of £162.35 per month for cover.

All our case studies are based on actual client scenarios, many of which pre-date 2020. We are confident that the acceptance decision made by the insurers would still be offered, although it is likely that the rates will have changed. Your own circumstances will determine whether what amount will be payable by you and would be fully discussed with you before any plan is implemented.

Please note that any premiums mentioned are indicative only and based on this specific case study/ example, which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.

Client ID: 132269075

Next steps

Whilst you are welcome to get a quote online, we would recommend you speak to one of our advisers for a vaper’s quote.

Any quote that your adviser provides you with will take into account your circumstances and medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Please feel free to read our Independent client reviews, or read about the team at Future Proof

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Take a look at our handy guides ‘What Cover is Right for me?’

Do you suffer from a medical condition and concerned you can’t secure Life Insurance?  Please view our ‘Medical Guides’ for further information.

Whilst we will make every endeavour to help someone to arrange insurance, there is no guarantee of success.  All applications are subject to underwriting.

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