Life Insurance Tip: Ex-Smokers

Here’s a quick tip about life insurance for ex-smokers:

If you succesfully gave up smoking as a New Years’ Resolution this time last year, you are now officially a non-smoker in the eyes of the life assurance companies.

Generally, you must have not smoked any tobacco products (or used nicotine patches, or similar products) for 12 months or more to receive non-smoker rates, so if you took out your life policy whilst you were a smoker, it might be worth getting a new quote to see how much cheaper you can now get your premium.

It’s also worth noting, that if the stress of the New Year has made you take up smoking, you do not have to declare this to your life insurance provider if you are on non-smoker rates. The main thing is that you do not lie on the initial application form about whether or not you have smoked tobacco products in the past 2 months, whether or not you become a smoker during the term of the insurance is irrelevant.

Remember though, this is just general information, and your insurance provider might have some extra small print that spoils the fun. But there’s no harm in trying to get a cheaper quote. Also, you should never cancel any life insurance until you have confirmation that your new policy is in force.

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