Companies that issue policies on people's lives are typically in business to make as much money as possible. Their primary goal is to take in as much in premiums without paying much if anything out in claims. Their ultimate mission is to make a profit with as little overhead as possible each year. With that, many of them will not take a gamble on insuring someone who uses tobacco product. Still, it can be possible to get term insurance for cigar smokers in New York as long as you keep some information in mind first.
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.
As such, the premium price will probably be twice or three times the amount of a non-smoker's premium. Further, you will more than likely not be given the option to pay it on a monthly basis. Instead, yours will need to be paid every six months to a year. This allows the business to get its money upfront for the policy's issuance.
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.
Buying term life insurance for cigar smokers does not have to be a challenge. It is likely you will end up paying more than if you were a non-smoker. Still, you could shop around for policies to get one that you can afford and will be worth your while.
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.
As such, the premium price will probably be twice or three times the amount of a non-smoker's premium. Further, you will more than likely not be given the option to pay it on a monthly basis. Instead, yours will need to be paid every six months to a year. This allows the business to get its money upfront for the policy's issuance.
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.
Buying term life insurance for cigar smokers does not have to be a challenge. It is likely you will end up paying more than if you were a non-smoker. Still, you could shop around for policies to get one that you can afford and will be worth your while.
About the Author:
Find the best term life insurance for cigar smokers in New York by visiting insurehubonline.com today. To know more about our disability insurance and our options in long-term care, take a look at http://www.insurehubonline.com/term-insurance right now.
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