Do Smokers Have a Chance at Getting Life Insurance in Ontario?

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  • cigarette smoking

Those that smoke face a lot more challenges today than those in the past. It is a habit that is frowned upon publically and by some businesses. Including the medical profession. There are some doctors now who may not take on new patients that smoke. Or, they will give them a time limit to quit. If they don’t the doctor will fire them as a patient.

How Does This Affect the Life Insurance Companies?

Most individuals will agree that smoking affects the health. Insurance companies pay close attention to the health of life insurance applicants. When an insurance company is going to give insurance, their concern is risks. If they are going to insure an individual that may be unhealthy, it raises their risks. Smokers are taking a risk of damaging their health. This, in turn, will affect the life insurance provider.

How Do Insurance Companies Find Out if You Smoke?

Every insurance company screens their applicants differently. There are some that will ask for a medical. Others will want a questionnaire completed. There will be questions that pertain to smoking. The applicant must be honest in their answers. If they are a smoker and denied this, it could cause a problem. It could mean that the life insurance would not get paid out.

Medical tests

If medical tests are carried out, this can reveal that the individual is a smoker. The test could include blood or urine tests. Also saliva tests. Any of these can show that the individual smokes.

Lying About Smoking on Life Insurance

Insurance Companies do their homework when it comes time for them to pay out a claim. Claims made for life insurance are usually quite substantial. Those that are filing the claim will probably have to produce a death certificate. On this, it will show the cause of death. If it happens to be from a smoking-related cause, the red flags are going to go up. The Insurance company is going to do some investigating to determine if the insured was a smoker.

That doesn’t mean that every person that dies from a smoking-related disease is going to have the claim denied. But, the insurance company is going to want to be sure that the insured did not lie on their life insurance application. Also, there may be a clause in the policy that stated the insured was to notify the insurance company if they began to smoke.

Being untruthful on the application could result in the claim being denied. Or, not adhering to the policy could also be another reason. It is far better, to tell the truth about being a smoker. The rates for insurance will be higher. But, at least there is no risk of a claim being denied.

How Does Being a High Risk Affect the Insurance Companies?

Insurance companies rely on different types of data. When they are screening someone for life insurance. One of their resources will be medical data. There is a lot of medical information that shows smokers are at high risk. For many diseases that can eventually lead to death. Insurance companies are gambling on an individual when they give them insurance. They are assuming that they are going to live a normal healthy life. During that period the insured will be paying premiums to the insurance company. By the time the insurance company has to pay out the claim, they have not lost any money. If they have to pay out the claim prematurely, then they stand to lose a great deal of money.

What Happens to the Life Insurance if an Individual Starts Smoking?

There are some individuals that take out life insurance who do not smoke. Then, later on, they become a smoker. They may assume that this is not going to be a problem with their life insurance. If they read their policy carefully, they may find out otherwise. Most likely there will be a clause in the policy that deals with smoking. It may say that if one becomes a smoker that the policy is void. Or at the very least that they must notify the insurance provider that they now smoke. There may be a possibility that this will not affect your life insurance coverage. It could depend on the type of insurance that you have. For example, if you have the type of insurance that is locked in for life.

Can I Get Insurance If I Quit Smoking?

When an individual is filling out an application for insurance, they will differ among the insurance companies. Most will likely ask if an individual smokes. They may ask how long they have been smoking. Also, they may ask how many cigarettes per day an individual smokes. Another question that they may ask is whether the individual has ever been a smoker. Along with this, they will ask how long it has been since they quit. If it is a certain period since they may not take this into account in a negative way. But will look at the individual as a normal non-smoker. If it is only for a short period they may still put this individual into the smoker category. However, they may give the opportunity for the individual to request a reclassification. After a period. The reclassification with then put them into a non-smokers category. Many of the insurance companies will set a twelve month period for an individual not to smoke. After that, they would be classed as a non-smoker.

What Kind of Insurance Can a Smoker Get?

A smoker should be able to get any life insurance they want. If they willing to pay the high premiums. Those which apply to the different types of insurance.

How Much is Life Insurance for the Smoker Going to Cost?

For smokers, there will be an increase in the cost of the insurance. How much is going to depend on each insurance company. Indications are that some companies will double or triple their premiums. It is important for smokers to shop carefully for their life insurance. It is because every insurance company is different in the way they set their premiums. Smokers are going to want to find those that do not put as much emphasis on smoking as what others do. When doing insurance quotes they may find that there is a big variation in the cost of the premium quote. It is because each of the companies uses different metrics. The smoker should check out each of the quotes carefully looking at what is being offered. There may be a lower quote, but there may be more restrictions.

Does it Matter What a Smoker Smokes?

The insurance companies are going to make sure that there is no room for error when it comes to smoking. When they use the term smoking, it is going to include all forms of tobacco use. Many have also included the use of electronic cigarettes. Marijuana smoking will most likely be included. Also, those that are using patches or gum that contain nicotine to assist them to stop smoking. The one exception may be on a rare occasion. For example, when one has smoked at cigar for part of a celebration.

Resources

https://www.cooperators.ca/en/Answer-Centre/am-i-covered/life-covered/how-does-smoking-affect-my-policy.aspx
https://insurenow365.com/life-insurance-companies-know-smoke/
https://www.termcanada.com/tips-for-buying-life-insurance-as-a-smoker/
https://quotewizard.com/life-insurance/life-insurance-and-tobacco-use

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