Life Assurance & smoking - a few quick Q's

Sue-UU

Too much of a gamble for you IFA!

Sue doesn't drink, keeps to the country life for fresh air, not one for bacon butties and doesn't wish to preach to anyone about smoking or not doing so. However, if someone says they want to give it up I'll be the first to try to help them as I know all the worry it's taken away from me, my hubby and all my family.

I'm not one of the anti smoking brigade at all, how could I be when I was a smoker for way too long. However, I do believe your tongue is pretty much welded into your cheek dear Sir, so can forgive you for your flippant remarks!!!:p:rolleyes::p

Sue

Retired_I.F.A.

Good on yah Sue. Your a rare un though, most if not all the brigade are ex smokers. Never understood why myself but they whinge on about smoking ten times worse than anyone who has never smoked.

Kev64

Retired_I.F.A. wrote: »

All very true but dont take it as going for a short term policy now go for the cover you need and the term you need it for then look again at replacing it when off the fags. Taking out a 100k sum assured for 2 years expecting to do a 100k plan then for 18 could be a big mistake if your health changes non smoking or not unless it's convertable term assurance.

I'm not sure I understand. If I take out a 'smokers' policy for 20 years today, and my health deteriorates between now and me being off the fags for 12 months, how will I be better off than if I just take out a 2 year policy at the higher 'smokers' rate, then switch to 18 at a much lower 'non-smokers' rate ?

Are you saying that if my health deteriorates then any premium for a new 18yr 'non-smokers' policy might be higher than a smoker's premium, or indeed that I might not get any cover at all ?

I really am a complete novice at this !

Retired_I.F.A.

yes take on a 20 year policy now if thats the length of time you need cover for then when you have been off the fags for 12/24 months take out a new policy for the remaining term on non smoker rates. Never cancel one till the other is in force either.

Just a precaution as you say in your last question, doing a 2 year term policy and finding after 18 months you have cancer or something will make the replacement non smoker policy 10 times dearer if accepted at all.

Look into family income benifit term assurace too. It's cheaper than level term because it pays an income rather than a lump sum. For many peoples needs it's better as generally speaking the need to provide cover for dependents decreases with age. ie 100,000 cover may be needed if your missus is pregnant but as the child grows the responsibility to provide for it gets less as it gets older.