This video has strategies to save you money if you are looking to buy life insurance and recently quit smoking.
So what do you do? How do you get a life insurance policy now while still ending up getting the best possible rates that you can? So here’s a couple strategies you can do.
One, many life insurance companies allow you to retest one year after you’ve taken the policy. So if you get a policy now, pay the smoker rates, a year from now, you can do a urine sample test, and you can lower your rate to a non-smoker rate. That’s one strategy. Now that strategy is not necessarily the best strategy, because if you get a 20 or 30 year policy, smoker rates are going to be pretty high. They are going to be three to four times higher than non-smoker rates.
So what’s an alternative strategy that you could do? Well, one of the things you could do is you could buy an annual renewable term or a one year term policy. This is the cheapest type of term policy that exists. The strategy is not a good long-term strategy, because the rate goes up every year. But it’s a great short-term strategy.
So in your case, let’s say you quit smoking six months ago. You need to wait another six months until you get non-smoker rates. So you buy an annual renewable policy, a one year term policy and pay the smoker rates. Since it’s a one year policy, rates are going to be pretty good. After you get to the 12 month point, let’s say another 6 months from now, you just apply for a new policy at non-smoker rates and replace the policy. This way you’ve limited your time paying smoker rates, and you’ve also paid the cheapest rates possible as a smoker by getting a one year term policy.
These are the kinds of strategies that I help people come up with when they’re looking for life insurance. So not only do I help you shop and compare all the top companies and help you get the best rates, but I also am there to advise you on what are the best strategies in order to maximize your money for your coverage and be able to get the best rates and figure out what are the next steps, like taking out a short-term policy and then applying for a longer term policy once you are considered a non-smoker by the life insurance companies.
So, hopefully this helps. I do this all the time with people who are smokers, and it works very well. They’re able to save money.
If you’re looking to get life insurance quotes, you can click the link below if you’re on YouTube. Or if you’re on our website, just compare quotes right on the site. You can visit the site ChooseTerm.com. Thank you.