Why do people who smoke get stung by life insurance? Don’t put your house at risk – Paula Cook will help you discover more today!

According to the latest report from the Office for National Statistics, there are roughly 6.9 million smokers in the UK. That’s just under 15% of the population. So, if you are a smoker and are thinking about finding life insurance, you are not alone and I am here to answer your questions.

First things first, you can still get life insurance policy if you smoke. But there is a catch.

Your status as a smoker will be taken into account by the insurance company and will probably mean your premium (how much you pay each month) will be higher. This is because, as we all know, smoking is not exactly good for your health. As a result, you will pay more than a non-smoker applying for the same cover.

You may be thinking, ‘I only smoke now and then, so I don’t need to declare it,’ but that is not the case. Most insurance companies will count anyone who has used tobacco in the past 12 months as a ‘smoker’, whether you have had a couple of cigarettes or smoke 20 a day. Smoking a pipe, a cigar or even a vape usually counts.

However, different companies have different criteria, especially regarding nicotine replacements, such as e-cigarettes, patches etc. So, it’s best to speak to your protection adviser about your specific situation and find out the best option for you. With smokers having to pay more (sometimes quite a lot more) for life insurance, you might be tempted to hide the truth when you apply. But do not. Trust us. Some providers run random checks on applicants to catch people out who are being less than truthful; you may be asked to provide medical records. Also, if a claim needs to be made your medical records might reveal you smoke. If this happens, the policy could be declared invalid and no money paid out.

Whether you are a smoker or not, life insurance can prove invaluable to your loved ones should anything happen to you. It can help fund funeral arrangements, pay off an outstanding mortgage or ease financial pressure so helping your family adjust. Speak to Paula Cook, Mortgage Broker today about taking out a policy. If you would like to discuss the options available to you, contact Paula Cook your local Mortgage and Insurance Advisor on 07950187868.