The truth about life insurance & smoking
Insure
If you’re a smoker, you may think you won’t qualify for life insurance coverage. But why should being a smoker preclude you from getting the life insurance you deserve?
At John Hancock, we believe everyone deserves access to affordable life insurance, whether they’re perfectly healthy, working on getting healthier, or even living with a chronic condition. That’s why we’re constantly innovating to provide people with life insurance products that help them live healthier every day.
In this article, we’ll delve into some commonly asked questions about life insurance for smokers.
1. Is life insurance more expensive if I’m a smoker?
Generally, life insurance premiums are higher for smokers. But fortunately, all of our life insurance products come with John Hancock’s one of a kind Vitality program. Vitality can help you save up to 15%1 off your premium and offers cash back rewards for the everyday choices you make to live healthy. This includes things like working out, buying fresh produce, or participating in a smoking cessation program.
2. Do I have to disclose that I’m a smoker?
Life insurance is a partnership between the insurance company and the insured, each trusting the other to be honest and transparent. Additionally, there’s an insurance review process to uncover any inconsistencies.
3. What qualifies someone as a “smoker”?
For insurance purposes, any type of tobacco, nicotine, or marijuana usage should be disclosed. This includes cigarettes, e-cigarettes, vaping, cigars, chewing tobacco, and nicotine replacement therapies like patches, lozenges and gums.2
4. How does a company determine I’m a smoker?
Insurance companies use multiple data sources to evaluate a potential customer. These might include the insurance application, a medical exam, pharmaceutical databases, medical records, past life and health insurance applications.3
5. What if I quit smoking?
It’s a win-win! In addition to the health benefits, quitting smoking can also reduce your life insurance rates. After the second policy year (policy years 3+), if you have not used tobacco or nicotine for at least 12 months and have not had a significant change in health, you can request a rate reconsideration by undergoing reevaluation.⁴
The real question isn’t whether smokers can qualify for life insurance, but if they should apply for a policy. Our answer is a resounding yes. Life insurance not only helps you protect your family’s financial wellbeing, but, with John Hancock’s Vitality program, actually helps you live a healthier life.
Sources:
1 See details of the Vitality program at https://www.johnhancockinsurance.com/vitality-program.html
2 Forbes: “What Smokers Should Know About Life Insurance” by Ashley Chorpenning, March 16, 2020 https://www.forbes.com/advisor/life-insurance/smokers/
3 Forbes: “What Smokers Should Know About Life Insurance” by Ashley Chorpenning, March 16, 2020 https://www.forbes.com/advisor/life-insurance/smokers/
4 During the level term period, excludes Simple Term and Final Expense Whole Life policies
Insurance products are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Companyof New York, Valhalla, NY 10595.
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