By Kathleen Kennedy Businesses that issue policies on people's lives are in the industry to make money. They might want to help people...
Businesses that issue policies on people's lives are in the industry to make money. They might want to help people out by paying out claims. However, their ultimate goal is to make a profit each year. They can only do this if they charge premiums that are in line with the amount of liabilities they are going to assume as insurers. Out of all the people to insure, people who smoke or use tobacco are among the riskiest. However, you might get term insurance for cigar smokers in New York by remembering some key pieces of information.
To start, you might realize you will be paying more for your policy. Because you use tobacco products, you are inflicting more damage to your body. Statistics show your life expectancy will not be as high as that of people who do not smoke or use tobacco. The insurer will assume your life will be shorter and thus be forced to pay out the amount of the policy sooner.
To compensate for this fact, the insurer will charge you double or triple for the policy. It also will not allow you to pay the premiums monthly but rather insist on you paying it every six months to a year. In this way, it recoups as much cash as possible from you. These conditions are not imposed on people who do not smoke.
The entire policy's creation might rest on the results of a physical examination you will be required to undergo first. Your doctor will have to fill out a form that the business provides. The results will indicate your overall health as well as any diseases like emphysema from which you might suffer. Once the results are known, the policy's premium can be established.
When it comes to paying out the policy amount, you could be required to pay into it for a set number of years first. Insurers typically will not pay the full amount if you have only paid into it for a few months. Most clients need to put years' worth of premiums into the policy before the insurer will make any payments.
The standard amount of time for most people is two years. However, this applies only to non-smokers and people in good health. For a smoker like you, you will probably have to make three or four years' worth of payments into it. This length of time allows the business to make money without losing much if any.
With all of this information in mind, it is understandable you might want to shop around first before buying one. You could compare and contrast four or five different policies before selecting one that will be in line with what you need and can afford. You could end up saving you money and avoid overspending for this purchase.
Term life insurance for cigar smokers will be pricier than policies for non-smokers. Even so, you still might want this protection in place. You might get the best policy by knowing what the terms and conditions are before you sign up for it.
To start, you might realize you will be paying more for your policy. Because you use tobacco products, you are inflicting more damage to your body. Statistics show your life expectancy will not be as high as that of people who do not smoke or use tobacco. The insurer will assume your life will be shorter and thus be forced to pay out the amount of the policy sooner.
To compensate for this fact, the insurer will charge you double or triple for the policy. It also will not allow you to pay the premiums monthly but rather insist on you paying it every six months to a year. In this way, it recoups as much cash as possible from you. These conditions are not imposed on people who do not smoke.
The entire policy's creation might rest on the results of a physical examination you will be required to undergo first. Your doctor will have to fill out a form that the business provides. The results will indicate your overall health as well as any diseases like emphysema from which you might suffer. Once the results are known, the policy's premium can be established.
When it comes to paying out the policy amount, you could be required to pay into it for a set number of years first. Insurers typically will not pay the full amount if you have only paid into it for a few months. Most clients need to put years' worth of premiums into the policy before the insurer will make any payments.
The standard amount of time for most people is two years. However, this applies only to non-smokers and people in good health. For a smoker like you, you will probably have to make three or four years' worth of payments into it. This length of time allows the business to make money without losing much if any.
With all of this information in mind, it is understandable you might want to shop around first before buying one. You could compare and contrast four or five different policies before selecting one that will be in line with what you need and can afford. You could end up saving you money and avoid overspending for this purchase.
Term life insurance for cigar smokers will be pricier than policies for non-smokers. Even so, you still might want this protection in place. You might get the best policy by knowing what the terms and conditions are before you sign up for it.
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