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Life assurance
Saintsman_2
Posts: 4 Newbie
This is a somewhat odd request and may appear stupid to the clean living, but we have just got a quote for term assurance. The monthly payments have almost doubled the reason being that when we first took the policy out we declared that I smoked the occassional cigar ( When I say occassional I mean probably two a month), the advisor at the time stated that that wouldnt be a problem and I would still be classified as a non smoker. We have again declared this and they have now stated that I am a smoker and as such my premium has almost doubled.
Whilst I know I should probably give up I think it is somewhat disproportionate, as I am being penalised as if I am a 60 a day man, can anyone shed any light on how they define smoker or why there has been a change in heart to my situation
Whilst I know I should probably give up I think it is somewhat disproportionate, as I am being penalised as if I am a 60 a day man, can anyone shed any light on how they define smoker or why there has been a change in heart to my situation
0
Comments
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In the past a light cigar smoker was classed as a non smoker. Nowadays that isnt the case.
If your policy had reviewable premiums/terms, then the insurance company is allowed to alter it. If the policy had guaranteed premiums/terms, then there would have been no change to the premiums.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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