I Smoke, But Am Quitting Soon. Should I Wait To Apply?
Quitting smoking is a very daunting task because it involves stopping a habit that was many years in the making and then became addictive for many years. So when quitting occurs, it is a time to celebrate. But what if you haven't quit yet and what if you don't have life insurance? If this describes your particular situation, then you may have some questions.
The first question is whether or not you should wait to apply for life insurance. What you need to do is evaluate your situation and then make your decision based upon that. You may find that your application time is a time completely different than you thought it would be. That is why it is good to evaluate the differences in the rates between smokers and non-smokers before you look into how to get a quote on a policy.
Smokers vs. Non-Smokers
When you tell the insurance company that you are a smoker, this is automatically going to place you within a different risk category. The risk category is a higher one and it's higher because of the health issues that smoking can cause. Smoking can cause lung cancer, emphysema, throat cancer, mouth cancer, stroke, heart attack, circulatory issues, and much more. This shows the type of risk the insurance company is taking.
The non-smoker, on the other hand, doesn't possess any of these risks. Because of this, the non-smoker is placed in a lower risk category than the smoker and this is something that, as a quitting smoker, that you are striving for. You are striving for the ability to have a lower premium. So should you apply for your insurance now or later?
Now or Later?
You first have to look at the reality of your situation. As of now, you are planning on quitting soon. Quitting is very difficult and may result in some relapses before it finally happens. Plus, how soon is soon? If you're quitting soon, you have to evaluate when that is.
You don't want your life to not be insured on any day for the fact that anything can happen at any time. Tomorrow is not guaranteed and, because of this, you want to make sure your family is covered in case you pass. This includes the possibility that something could happen to you that resulted in your death before you ever quit smoking.
So what you want to do is go ahead and apply for your life insurance so that you can be covered. Immediate coverage is important because it means you are going to be able to protect your family as soon as possible. If something were to occur before you quit smoking, your family could pay your final expenses.
Once you quit smoking, you can make the appropriate changes to your insurance policy and this will change your premium. For instance, you call the insurance company and tell them that you quit smoking. They may want to have a health exam done at some point to prove this. Amazingly, a health exam can listen to the clarity of your lungs, your pulse rate, and a variety of other factors to determine if you have not had a cigarette in a while.
Keep in mind, however, that nicotine patches and gums can have an effect on these test results. Nicotine can elevate heart rate and such. But if it shows that you have stopped smoking and you are staying away from cigarettes, then you can reap the benefits of having the peace of mind that having life insurance gives you. Most of all, your family is protected financially.