We all know the health hazards of smoking, but many of us still smoke anyway.
Whether you are unable to kick the habit or if you simply enjoy smoking, one’s thing for certain: smoking can greatly affect your life insurance rates.
Regardless of how much you smoke, you are considered a smoker by life insurance standards. For example, if you indulge in one or two cigarettes day you will be placed in the same category as another individual who smokes two packs of cigarettes a day. In other words, a smoker is a smoker when it comes to life insurance policies.
The Consequences of Lying
Because of the high premiums associated with smoking, many individuals lie about smoking on their life insurance policy. In fact, many smokers will stop smoking for a few days before they take a urine test for their life insurance application.
So, the question is: can you get away with lying on your life insurance application; and, if so, what are the consequences of fooling the life insurance company?
The first thing you must remember is that a life insurance policy is a legally binding contract. Therefore, if you are caught after the policy is issued the insurer can cancel the policy or change your rates to reflect your smoker status.
Although a life insurance company will not likely deny your family benefits if you die and they find out you were a smoker, it doesn’t make sense to jeopardize the financial security of your loved ones simply to save money on life insurance premiums.
Honesty is the Best Policy when it comes to Life Insurance
In the end, the best thing you can do is to be as truthful and frank as possible when answering questions for a life insurance policy. This way you can be assured that your life insurance is protected and intact and that your family will be financially protected and secure in the event of your death.
Of course, the best possible scenario is to stop smoking now to decrease your chances of a smoking-related death!
