E-Cigarettes and Discounts on Life Insurance

E-Cigarettes and Discounts on Life Insurance

Life Insurance

Do you qualify for non smoker rates if you use e-cigarettes?

All insurers ask about tobacco use and whether you’re a smoker or non-smoker, but what happens if you use e-cigarettes which are not tobacco products? Are you classified as a non-smoker or a smoker?

The answer is simple for a number of insurers:

If you have switched to using e-cigarettes or other nicotine replacement products, you are in fact classified as a non-smoker.

However, this also means that you need to be tobacco-free for at least 12 months.

If you are classed as a smoker on your current policy, you can save up to 30% on the cost of your life insurance policy by switching to an insurer that is vaper friendly.

 

>Example:

  • Applicant aged 30 with €200,000 Term Life Cover over 15 years costs €12 per month  as a Non-Smoker and €18 per month  as a Smoker.
  • Applicant aged 40 with €200,000 Term Life Cover over 15 years costs €20 per month as a Non- Smoker and €35 per month  as a Smoker.
  • Applicant aged 50 with €200,000 Term Life Cover over 15 years costs €45 per month as a Non-Smoker and  €99 per month as a Smoker.

 

So there you have it… just another reason to quit smoking.

If you need any advice, talk to our specialist financial services team who are always happy to help you with your financial planning requirements.

(Prices correct as at 25/08/2017. Image via Giphy)