As a smoker you will know the extra premium you pay for life insurance because you are a smoker compared to a nonsmoker. This is to a certain extent acceptable as smoking cigarettes does carry a higher risk of developing health issues.
But what if you have taken the prudent steps of giving up cigarettes for health and wealth benefits? Will this bring your insurance premium down?
Well the answer I’m afraid isn’t too simple. It really depends on who your life insurance is with. What is clear is that they will unfortunately class nicotine vapers with smokers. Here are a few quotes from leading insurance companies in the UK.
“Someone is classified as a smoker if they have used any tobacco products including cigarettes, cigars or nicotine replacement products within the last 12 months. E-cigarette users are classified as smokers so until they have stopped using e-cigarettes for at least 12 months we will not be able to offer non-smoker rates and the price will not reduce.”
“Customers only need to tell us about electronic cigarettes that contain nicotine. Therefore, e-cigarettes that don’t contain nicotine don’t affect the premium and assuming the customer hasn’t consumed tobacco, nicotine, etc. within the last 12 months, we wouldn’t consider them a current smoker.”
“Customers who vape or use e-cigarettes with nicotine are treated the same as a smoker when looking at life insurance premiums. However, those who vape without nicotine, and who don’t use any other form of tobacco or nicotine, are treated as non-smokers.”
“We are always looking at ways to help make people healthier, and enhance and protect their lives. Giving up smoking is one of the most effective ways for smokers to improve their health. “We appreciate that vaping, a relatively new activity compared to smoking tobacco, does not have an entirely clear risk-benefit profile; there are multiple perspectives on how vaping affects current, ex-, and never-smokers. We do not presently incentivise vaping and are keenly following the debate as the evidence base for the impact of vaping grows”.
Aegon, AIG, Aviva, Royal London and Zurich all stated that they employ the nicotine only policy. Vapers can have non-smoker rates as long as they only vape nicotine-free.
As we see further backing from health organizations and industry experts we expect there to be a shift in how vapers are treated compared to traditional smokers.
It’s not all bad news – we have found a firm called future proof insurance who claim to offer access to a company that offers insurance for vapers. https://www.futureproofinsurance.co.uk/life-insurance-for-vapers
Check them out and let us know!