Life insurance

[eagleflyfisher]

My wife and I have held a policy for each other for a dozen years now.
She is about 50$ month for a million
Mine is about 200$ month for a million.
My rate is high because I'm listed as a smoker.
Now smoke free for a year and hope rate will be reduced.
Has anyone been through this process of being declared non smoker, what hoops to jump through etc.
Would also like to hear opinions on life insurance, good and bad etc..
Do insurance companies actually pay out or find any way to get out of it.

[ChickakooKookoo]

Just had lunch with a friend who's insurance rate skyrocketed because he told them he smokes a cigar or two when golfing. They told him he has to go at least two years without another one before they'll consider him a non-smoker.

[booboo74]

I got Life Ins last year, told them I had shared a cigarette and cigars with friends in the past year and was labelled a smoker, $1000+ per year for $500,000 coverage. Was told by my provider to reapply after a full year of no smoking (although he said a cigar a month was acceptable), after the year my provider had me fill out a quick form stating I hadn't smoked and they reduced my payment to $450/year.

My coverage is 10year and 500k, I think with larger sums the testing may be more intense but I didn't need to do any other physical or swabs.

[buckbrush]

I have not had a single puff of a smoke in two years but I still chew Nicorette. When I got my new policy they said I would be put down as a smoker same as the guy who smokes two packs a day. Also said after I quit all nicotine they would retest me in year.

[gmcmax05]

My wife and I have held a policy for each other for a dozen years now.
She is about 50$ month for a million
Mine is about 200$ month for a million.
My rate is high because I'm listed as a smoker.
Now smoke free for a year and hope rate will be reduced.
Has anyone been through this process of being declared non smoker, what hoops to jump through etc.
Would also like to hear opinions on life insurance, good and bad etc..
Do insurance companies actually pay out or find any way to get out of it.

You're paying $2400/yr so the old lady can have a million$$:sHa_sarcasticlol:

[Kim473]

You're paying $2400/yr so the old lady can have a million$$:sHa_sarcasticlol:

I would put that in a good dividend fund instead.

[58thecat]

Oh my eh!

Also remember you only die once.....

[dgl1948]

Also if you declare as a non smoker and if they can ever prove you have had just one puff your policy will be null and void.

[coyoteman]

My wife and I have held a policy for each other for a dozen years now.
She is about 50$ month for a million
Mine is about 200$ month for a million.
My rate is high because I'm listed as a smoker.
Now smoke free for a year and hope rate will be reduced.
Has anyone been through this process of being declared non smoker, what hoops to jump through etc.
Would also like to hear opinions on life insurance, good and bad etc..
Do insurance companies actually pay out or find any way to get out of it.

I was an agent in my younger days,you can do a saliva test,and sign as a non smoke, of course if you passed away and it was determined that you were smokeing the policy would be nil and void,Insurance compies will not try."to get out of it"its a legal document

[^v^Tinda wolf^v^]

My wife and I have held a policy for each other for a dozen years now.
She is about 50$ month for a million
Mine is about 200$ month for a million.
My rate is high because I'm listed as a smoker.
Now smoke free for a year and hope rate will be reduced.
Has anyone been through this process of being declared non smoker, what hoops to jump through etc.
Would also like to hear opinions on life insurance, good and bad etc..
Do insurance companies actually pay out or find any way to get out of it.

Hmm I didn’t ask becuase I don’t pay it but I think the wife pays $140 ish :thinking-006: on my life insurance. I’m a smoker not sure how much insurance pays out but I know my boy is covered for the rest of his life and very well. I was rather offended the way the insurance broker went about the whole presentation on the what if scenario. Sunlife from what I recall 😬

[jrowan]

Do you have kids? Are they under 18? What is left on your mortgage?

If you've had your policy for that long you might need to reconsider your coverage amount. It will definitely lower your premium and you can put the difference into investments/savings.

[ren008]

First kid on the way and have been thinking of this a lot more. Basic work coverage will get me about $180k if i kick off and we are carrying a $150k mortgage and no other debt with some moderate savings/rrsps etc... Wife's capable of working and always has and really if the house is paid off then how much does a person need other than to get her through the first few years when the kid is little or until she can find another dude? (her words :sHa_sarcasticlol:) End up with too much coverage and I'm afraid she will start thinking of taking me out with the mood swings lately.

[eagleflyfisher]

Have a meeting set up with broker to review policy, talked to them the other day and there will be some changes due no longer smoking, also because of age policy premiums may increase.
Carry insurance because I am self employed and want my family taken care of should something happen to me.
Appreciate the advice folks.