Cigar smoking and Life Insurance premiums.

[jkim05]

It depends on how the company's applications are worded, what the agent chooses to disclose to the underwriter (which technically speaking is supposed to be everything) and the size of the policy. Policies above a certain size will require a blood test. The general suggestion is to quit a month prior to the bloodtest, but for the company I used to work for, I you told me you smoked cigars once a week, I would have to decide whether I wanted to let the insurance company know, but legally I was supposed to. If the client neglected to inform me, the worst thing that could happen is after the blood test they come back with a smoker rate.

[mosesbotbol]

I fret having to get life insurance. Any companies that are better for cigar smokers?

[wayner123]

Originally Posted by mosesbotbol

I fret having to get life insurance. Any companies that are better for cigar smokers?

Prudential allows cigars in large quantity and still considers it non smoker.

[darkleeroy]

I'm not sure where I heard it (might be the interview with my own life insurance I had) but some life insurance companies consider people who smoke more than 2 cigars a year as smokers, so you should ask your own company beforehand.

Ultimately this is something you get to ensure the well-being of your those remaining loved ones, you kinda don't wanna screw it up. The goal of an insurance company is to come up with a way to deny your claim.

[Ahbroody]

I told my wife I will be disclosing my cigar smoking. For both my own peace of mind and also incase something occurs. My policy is only 100k through her work because it was a cheap add on to her policy $9.00 more for 100 or 150k policy for me. I will likely get a prudential policy in the near future.

[St. Lou Stu]

I was straightforward with my insurance application.
I told them I smoked cigars and they quoted me a rate slightly higher than someone who did not smoke would get.
I then took a blood test and it came back with no traces of whatever they associate with smoking.
They then signed me at a 'preferred non-smoking rate'. It is clearly stated and signed by both parties on my application that I said I smoke cigars.

How 'bout them apples?

[Ahbroody]

Who was the carrier and how long was it between last cigar and the test

[St. Lou Stu]

Originally Posted by Ahbroody

Who was the carrier and how long was it between last cigar and the test

Prudential and approx. 3 days

HA! I don't have to worry about cigar smoking affecting my life insurance premiums. I can't get life insurance. Oh Wait...

[ckay]

Two things:

They do not test for nicotine. They test for cotinine.

Also, there are companies that look at cigar smokers more favorably than cigarette smokers. I write policies for many BOTLs and get my underwriters to look more favorably towards us.

A side note...insurance companies are going towards tobacco/non-tobacco classifications.

It is absolutely okay to tell the agent that you enjoy cigars and you should disclose this.

Lastly, if you are young and healthy, DO NOT BUY TERM! TERM NEVER PAYS OUT AS YOU ARE INSURING THE HEALTHIEST PART OF YOUR LIVES!

[wayner123]

Originally Posted by ckay

Two things:

They do not test for nicotine. They test for cotinine.

Also, there are companies that look at cigar smokers more favorably than cigarette smokers. I write policies for many BOTLs and get my underwriters to look more favorably towards us.

A side note...insurance companies are going towards tobacco/non-tobacco classifications.

It is absolutely okay to tell the agent that you enjoy cigars and you should disclose this.

Lastly, if you are young and healthy, DO NOT BUY TERM! TERM NEVER PAYS OUT AS YOU ARE INSURING THE HEALTHIEST PART OF YOUR LIVES!

In reference to the bold above, I don't understand what you mean. The addage has always been buy term and invest the rest.

And just to add, some companies won't sign you as a non smoker even if the test comes back negative. If you tell them you smoke cigars and the test is clean, they still might put you on a smoker's rate.

[ckay]

Originally Posted by wayner123

If you tell them you smoke cigars and the test is clean, they still might put you on a smoker's rate.

You are correct. That is why any "shopper" of insurance needs to either do their homework or works with somebody who will find them the best company to underwrite their habits, and/or health conditions. Prudential is most favorable for cigar smokers, as stated earlier by somebody else. But again, each company underwrites certain conditions differently, so it is important to do your research prior to signing where indicated on an application.

[ckay]

How many people do you know that will invest the difference? And by investing, I do not mean buying HTF cigars!

I am a wealth manager that also puts life insurance into place when there is an apparent need, so I do see both sides of it. I do see the power in tax deferred nature of growth in an insurance wrapper when all deferral vehicles are already taken advantage of. Couple that with loan provisions that allow for tax free withdrawals regardless of age, and you can easily see how a whole life policy can become a very effective tool in one's overall financial strategies.

Today there are two high quality life insurance companies that will consider cigar smokers as "non-smokers" for the purchase of both term and permanent coverage. In addition, several additional carriers will give "non-smoker" rates to very occasional cigar users.
Lenny Robbins
LifeNet Insurance Solutions

[pnoon]

Originally Posted by lenrobbins

Today there are two high quality life insurance companies that will consider cigar smokers as "non-smokers" for the purchase of both term and permanent coverage. In addition, several additional carriers will give "non-smoker" rates to very occasional cigar users.
Lenny Robbins
LifeNet Insurance Solutions

I'm curious. Was it a Google search that brought you here to advertise?
Or are you a cigar smoker/hobbyist like the rest of us?