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Life insurance smoker vs non smoker

  • 08-12-2016 7:48pm
    #1
    Paddytheman
    Registered Users, Registered Users 2 Posts: 271 ✭✭


    I am in the process of buying a property with my better half and want to get a joint life insurance policy. I smoked socially (once or twice a month) for several years but with a new baby have stopped and am now off them 3 months. Speaking to a broker he has told me I have to be off them 12 months and emphasised that insurance companies are very strict and have ways of discovering when you last smoked.

    So my question is if I were to sign up now when I am technically a smoker and change this status in 9 months would I expect to pay a much higher dividend than if I simply wait 9 months and sign up as a non smoker?

    Appreciate any advice!


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,725 Mod ✭✭✭✭Henry Ford III


    I can't see that you've any choice OP. Effect cover as a smoker now (it's not a good idea to lie) and ask for a review and premium reduction in 9 months.

    I've seen this done and it's straightforward.


  • #3
    Paddytheman
    Registered Users, Registered Users 2 Posts: 271 ✭✭Paddytheman


    Cheers, would the premium reduce to non smoker level or will there still be a loading, would it be better to wait 9 months and enter into a policy as a non smoker?


  • #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,725 Mod ✭✭✭✭Henry Ford III


    Paddytheman wrote: »
    Cheers, would the premium reduce to non smoker level or will there still be a loading, would it be better to wait 9 months and enter into a policy as a non smoker?

    There's a rate reduction to non smoker levels.

    Chances are you'd be better off keeping the existing policy, as you'll be a year older when the review is due.

    p.s. Diary it forward as it's up to you to inform the insurer.


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