Alternatives to smoking tobacco have risen to greater prominence over the past decade, and among them is the increasingly popular electronic cigarette. Even most non-smokers these days are aware of this “E-cigarette” (Electronic Cigarette). Even though these cigarettes only simulate actual smoking tobacco through their own vapor-making devices and many do not actually release any nicotine, it is the unfortunate truth that many life insurance companies do not distinguish between e-cigarettes and regular cigarettes.
Because of this, just about every life insurance company out there will give you smoker rates. Because these rates are much more expensive than non-smoker rates, it is important to know your options.
Prudential Life Insurance for E-Cigarette Users
Currently, Prudential is the only life insurance company that will not automatically give you smoker rates. If you have used e-cigarettes in lieu of regular cigarettes for at least 12 months, Prudential will consider offering you Regular Non-smoker (Non-Tobacco) rates, also sometimes known as Standard Non-smoker rates.
How Rates Compare
Regardless of how regular Prudential premiums compare to other companies, smoker rates are always significantly higher than non-smoker rates. Let’s look at an example.
Let’s say Janet is a 35-year-old woman who has been using e-cigarettes for three years now. When she applies for a $250,000 term life insurance policy for a period of 20 years, she is likely to be offered the following from some of the top companies:
Transamerica: $42 a month
Banner Life: $43 a month
Genworth: $43 a month
SBLI: $44 a month
ING: $44 a month
MetLife: $46 a month
Nationwide: $47 a month
Now, those rates were at Preferred Tobacco, which are the best rates these companies offer smokers. However, Prudential understands that the e-cigarette is not like regular cigarettes, and therefore they are likely to offer Janet the following, providing she has not used “regular” cigarettes in the past year:
Prudential: $25 a month
This rate is at Regular Plus Non-tobacco, but it is still about half the cost of Preferred Tobacco rates. The decision to go with Prudential if you use e-cigarettes is really a no-brainer.
We’re ready to discuss your options with you and help get you started right away with an application for coverage from Prudential. You can also get quotes using our form right below.