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There is a lot of confusion surrounding life insurance for vapers. This is because there are misconceptions in regards to the rate class, such as, are vapers going to be paying non-smoker rates or will they be paying smoker tax? Whether you use nicotine or not, you will be able to get non-smoker rates under certain conditions.
You are usually only eligible for non-smoker rates if you have not touched a cigar, dip, or snuff and you, of course haven’t smoked a tobacco cigarette in the last year. Smokeless tobacco is in the same classification as tobacco to be smoked.
However, it is difficult to find an insurance company that offers life insurance for vapers that will give you non-smoker rates. One company that does is Prudential. They offer those rates because there is still a lack of any evidence on whether the long term use of using e-cigarettes causes the same decrease in life expectancy like other tobacco products.
Life insurance for smokers is expensive because life expectancy is less and can actually be about 10 years less, which is a risk for the life insurance company.
The Association of Home Office Underwriters in 2014 had a four day conference where the issue of life insurance for vapers was discussed. There were more than 150 insurance underwriters that gave their opinions on whether or not vaping should be considered as a use of tobacco. The majority of them said that yes, it should, but not all of them did.
Munich reinsurers said that 26% of the attendees disagreed with the classification and 18% said their companies haven’t even set up guidelines for vapers because there is not enough information. This is good news for people that use vaperizers as it indicates that there is some consideration for this new market segment.
Also, the FDA has still not made a clear definition about whether they think e-cigarettes or vaping is considered using tobacco. This means that life insurance for vapers is not fully determined as it has not been completely categorized as using tobacco.
The top life insurance companies are not likely to change their minds about the classification until there is proper evidence. There some that believe it will take as long as three years, until the biggest insurance companies make some type of determination.
Do Vapers pay more for Life Insurance? Let’s investigate farther.
Life Insurance for Vapers and the Rates
The fact about tobacco is that the use is dangerous to your health, with the Center for Disease Control and Prevention saying that the use of tobacco is the single largest preventable cause of disease and death. The CDC has claimed cigarette smoking in America is responsible for more than 480,000 deaths.
Anything that creates a negative health impact will also have a negative effect on your life insurance premiums. Other factors that will determine your premiums are your age, your overall health, and the type and amount of life insurance which you are applying for. As a smoker, you will pay about four times the amount that non-smokers will pay for life insurance.
So if you smoke and you want to get cheaper life insurance, could e-cigarettes be the answer?
Life Insurance for Vapers and Lower Premiums
Electronic cigarettes deliver the body nicotine through a vapor that is inhaled. They are also called vaporizers and have actually been around for quite some time, but they gained popularity with the increased number of smoking bans and restrictions. Smoking in many public places is now banned and is not in aid of the smoker’s health, but rather for those around them as there are health impacts of second hand smoke. Electronic cigarettes don’t contain any tobacco and they also do not use any type of combustion in order to heat them.
As there is no combustion involved, e-cigarettes do not generate smoke. Instead they create a vapor which has no odor. Smokers started to see e-cigarettes as a way they were able to get their nicotine intake, but in a more sociable way.
The e-cigarette market in the US has grown from almost nothing in 2008 to $2.5 billion in 2014, according to a Wells Fargo estimate. It has been estimated that about 3 million Americans are vapers, which is the term given to those that use e-cigarettes.
Insurance companies do have a problem with vaporizers, though, because they still deliver nicotine that affects your health. E-cigarettes produce formaldehyde which is a known carcinogen and in blood and urine. It is impossible to distinguish between e-cigarette use and smokers.
BusinessWeek.com said in an article that life insurers don’t make that much of a distinction between those that smoke and those that vape. A survey conducted in May 2014 by the Munich American Reassurance Company with 151 life insurance underwriters showed that 9 in 10 respondents said that they consider e-cig users as smokers.
The same article also suggests that for now, insurers will treat smokeless tobacco with caution. This is due to the fact that e-cigarettes have not been used by people for years so that studies on them are still not conclusive studies. Also e-cigarettes deliver a higher rate of nicotine then normal tobacco cigarettes. This can then cause a higher risk of strokes and high blood pressure.
What the FDA Says About Vaping
The FDA, that is the Federal Drug Administration, is trying to determine whether or not e-cigarettes should be treated like regular cigarettes. Depending on what the FDA concludes, e-cigarettes may be counted as a tobacco product and will then attract new nicotine users, or will be classified as a stop smoking product so that users can give up nicotine altogether.
Insurance underwriters may not give heed to what the FDA decides. In an article by the HuffingtonPost.com, insurers tend to put users of nicotine patches, gum, nasal spray and other such products together with tobacco smokers.
The best bet for you to qualify for non-smoker rates is to completely quit all types of nicotine products.
Life Insurance for Vapers Tips
When you are applying for life insurance for vapers you will need to undergo a thorough medical exam. You will have blood tests so you need to take this seriously. You should be honest with your examiner and say that you use e-cigarettes before you even begin the exam. In your application for life insurance, do not lie or omit information regarding your use of e-cigarettes.
If you lie on your application then this could mean that your family is not able to claim your death benefit.
Even though it seems that insurance companies will put e-cigarette users in the same classification as smokers, meaning that the rate you get will not be much different. There are ways you can get lower premiums.
When you first search for life insurance for vapers, you will need to know that you have to compare between companies. The first company that you go to may not have the best rates or even the best coverage. You need to collect quotes from various companies so that you can compare these. If you go with the first company you may find that you are paying too much for the coverage that you are getting.
Also, when you put insurance companies up against one another you may find that you have negotiation power. You can try and negotiate with an insurance company for lower rates.
One of the best ways to gather quotes for life insurance for vapers is to use a one stop portal on the internet. You will find sites that will on your behalf collect quotes from the insurance companies that they work with. These quotes are then delivered to you either on the website or by email, where you will clearly see the details of the policy, the type of coverage, and the benefits and most importantly the premium that you will be paying. It saves a lot of time getting quotes like this as you will not have to visit each insurance company separately. These sites work with reputable and trusted companies so that you can be sure you are getting the best.
In order to get quotes for life insurance for vapers like this, you will need to fill out a simple form on their site that will ask for personal details and sometimes your financial details like your income. This allows them to find the best plan from the best insurance companies.
With life insurance companies, any consumption of nicotine whether it is through a tobacco cigarette or an e-cigarette will carry the same type of premium. This is because e-cigarettes still do not have enough scientifically studied information about them and their long term effects on health, so they are still deemed as a risk that could shorten your life expectancy.
It is still uncertain whether or not this current stance will change in the future and whether insurance underwriters will change their classification system. Keep in mind that they also look for more than just if you smoke, vape or not and that they still look at your overall health, age, and other factors when they decide on your premium.