Should Smokers Buy No Exam Term Life Insurance?
Smoking is one of those vices that can automatically disqualify you from getting life insurance. We all know that smoking is the main source of lung cancer. This form of cancer is one of the first causes of death in the U.S.
So, there are many reasons why a carrier would decline your application. But you will never be neglected by companies selling no exam life insurance. If they want protection for a limited time, smokers should buy no exam term life insurance. In absence of other options, this is the best deal they can get.
For carriers it does not matter if you are a regular smoker, that smokes on daily basis or you smoke once only on special occasions. You are still considered an active smoker if you used a tobacco or nicotine based product in the last 12 months. Even those using electronic cigars are still considered smokers, although the amount of absorbed nicotine is greatly reduced.
It really depends on the company if they want to provide coverage or not, but many companies that sell standard policies are aware that the life expectancy of smokers if reduced. No medical exam carriers are also aware of that, but they are willing to gamble and they provide protection.
The only problem is that the premiums will be higher. Even for term life insurance which is usually the cheapest policy. You can get better prices if you bring recent medical records and your medical condition is not that bad. You will not have to do any medical exam, but still, some info would be helpful.
If you plan to quit smoking, term life is also the best option. Purchase a policy that expires in one or 2 years, time in which you will not smoke. It usually takes 12 months to stay away from cigars before you are no longer considered a smoker. Purchasing no exam term life insurance is the best way you can get protection during that period.
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