Life Assurance

IK09

As an E-Cig smoker and a Financial Consultant, i just thought I would make ye aware of some recent changes to the industry standard for your current/proposed/future Life Insurance/Assurance policy.

Where smoking "traditional" cigarettes are concerned, a loading of approx. 100% of your Life Assurance premium is added to your policy as a result of the effects of smoking long term. This has always been the case but the loading % may vary between providers.

To be deemed a "non-smoker", you must be completely off "traditional" cigarettes for a period of 12 months. If you have quit cigarettes and have not smoked them in 12 months, contact your provider and let them know this, your premium should drop accordingly.

Recently, Insurance Companies have added E-Cigs to their list of loaded items at a rate of approx 50%, so your premiums will come down if you have been off "traditional" cigarettes for a period of 12 months. But, will not reduce as significantly if you are smoking an E-Cig.

It is important to inform your provider about any change in your smoking habits (for a 12 month period or longer) as we all know, if an Insurance Company can find a way to not pay out, they will take it. Very soon (already for companies), they will have an E-Cig option on their proposal forms and a loading % to account for it.

Hate to be the bearer of bad news but would dislike it more to see people paying for a Life Insurance Policy that doesnt cover their needs.

Didihno

Hold on a second, what does Nicotine have to do with the deadly aspects of smoking tobacco where it comes to insurance?
Is there a premium loaded on for coffee drinkers? I think not.
Its just one of the ways in which insurance companies are allowed to rape their customers as they see fit.
But thanks for the info!

IK09

Didihno wrote: »

Hold on a second, what does Nicotine have to do with the deadly aspects of smoking tobacco where it comes to insurance?
Is there a premium loaded on for coffee drinkers? I think not.
Its just one of the ways in which insurance companies are allowed to rape their customers as they see fit.
But thanks for the info!

I had an informal chat with one of the leading Companies in the sector about it, and from that conversation it seems that it is deemed to be a form of smoking. While no solid evidence exists on whether it does harm or not, it is easier for them to cover their bases at this stage and introduce a loading %. It is also much easier for them to justify it as an "unknown risk".

jousting with chairs

This is a few months old so it may have been revised.



Does an e-smoker have to pay higher insurance prices like a smoker does?

Do e-cigarrette smokers get treated like regular smokers when it comes to life assurance prices? The smoking status (which is in its strictest form described as having smoked ‘any tobacco in the last 12 months’) varies from insurer to insurer.

Irish Life: at present someone who uses e-cigarettes (ie no other tobacco-related products) is classed as a non-smoker (Please note this may change in the future).

Aviva: smoker rates

Zurich: rate “e-smokers” at +50%, assuming that they have already been off (tobacco) cigarettes a minimum of 12 months, the reason being the likelihood of these smokers returning to full smoking habit is quite high.

Caledonian: considers anyone smoking tobacco or e-cigarettes, or anyone using nicotine replacement patches, gum etc in the past twelve months to be a smoker. Smoker rates will apply to that client.

New Ireland: classes e-cigarette users as non-smokers, but this is currently being reviewed.

Friends First: smoker rates

Worth considering which company to speak to if you use e-cigarettes!



http://www.mortgagebrokers.ie/blog/financial-literacy/does-an-e-smoker-have-to-pay-higher-insurance-prices-like-a-smoker-does/

fayvirtue

I think they should have a better look at this decision.They have yet to prove e-cigs are harmful to health !

Didihno

IK09 wrote: »

it is deemed to be a form of smoking.

My ar$e. Deemed to be a way of gouging more money more like.
Sure whats to stop them adding a few quid if you drink red bull? Boy thats a lot of caffeine, you could have a heart attack, that'll be an extra 50 quid please.
Breathe City centre air? Oh no my man, sure thats loaded with all sorts of pollutants, that'll be an extra 50 quid please.
And so on.

This is not attacking you mate, just I've recently renewed several insurance policies, each and every one more expensive than last year, despite me being fitter, slimmer and healither than I've been in 20 years. You would not believe the horsesh1t excuses they had for it either.

IK09

Didihno wrote: »

My ar$e. Deemed to be a way of gouging more money more like.
Sure whats to stop them adding a few quid if you drink red bull? Boy thats a lot of caffeine, you could have a heart attack, that'll be an extra 50 quid please.
Breathe City centre air? Oh no my man, sure thats loaded with all sorts of pollutants, that'll be an extra 50 quid please.
And so on.

This is not attacking you mate, just I've recently renewed several insurance policies, each and every one more expensive than last year, despite me being fitter, slimmer and healither than I've been in 20 years. You would not believe the horsesh1t excuses they had for it either.

You should probably look at other providers for quotes, as the earlier post shows, there are some inconsistencies between the different providers. Its frustrating alright. From the "horsesh1t" excuses they have for raising your premium, imagine the excuses they will come up with in order to not pay a claim. As long as you are honest and upfront about everything they will have to pay out.

Didihno

IK09 wrote: »

You should probably look at other providers for quotes, as the earlier post shows, there are some inconsistencies between the different providers. Its frustrating alright. From the "horsesh1t" excuses they have for raising your premium, imagine the excuses they will come up with in order to not pay a claim. As long as you are honest and upfront about everything they will have to pay out.

Oh I did and believe it or not my existing provder was the cheapest.
I asked, as an existing customer for over 6 years how come my premiums were going up and not down? Punishing rather than rewarding loyalty seems illogical.
'Blah blah blah excuse excuse excuse'