Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Life insurance smoker vs non smoker

  • 08-12-2016 6:48pm
    #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: 17,852 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: 17,852 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.


Advertisement