Life insurance for vapers
Your age, overall health, habits, and lifestyle choices all play a role in life insurance quotes. If you are one of the 8.1 million American adults who use electronic cigarettes, also known as vapes, your life insurance premium is likely to be affected in a variety of ways. The use of nicotine is one of the most significant red flags that life insurance companies look for on your application.
Vaping can be harmful to your health, and many insurance companies are wary of insuring vapers due to nicotine's harmful physical effects and the complications that can arise. If you vape, you may be interested in learning how vaping affects life insurance premiums, how it affects your health, and how to find affordable life insurance for vape smokers.
How vaping impacts life insurance rates
A smoker is likely to pay significantly higher rates for a life insurance policy than a nonsmoker. That means that vapers who are otherwise healthy, with no pre-existing conditions or a family history of illness, may still have to pay an exorbitant premium simply because they vape. Because of the popularity of vaping, most life insurance companies classify vapers as smokers when calculating premiums.
How vaping impacts your health
Vaping has been labelled a public health crisis, and it is not just young people who are developing this unhealthy habit. The Centers for Disease Control and Prevention (CDC) reported 2,807 hospitalizations and deaths due to lung injuries caused by e-cigarettes and vapes as of February 2020. The deceased range in age from 15 to 75 years old.
Not only can vaping be harmful to your health, but potential health complications can have a direct impact on your life insurance premium. The following are some of the most serious health risks associated with vaping and tobacco use.
Heart disease
According to studies, vaping can cause heart disease. Adults who used e-cigarettes were 56% more likely to have a heart attack than nonsmokers, and they also had a higher risk of developing coronary artery disease, according to one study. When compared to occasional smokers, daily vapers had the highest rate of heart disease.
When life insurance companies underwrite policies, one of the factors they consider is heart disease. This is due, in part, to the fact that cardiovascular disease can shorten a person's lifespan. To compensate for a potential payout in the event of an early death, the insurance company will frequently raise the applicant's premium.
Cancer
Cancer is one of the first things that comes to mind when thinking about the dangers of smoking. Vaping raises the risk of certain cancers not only because it contains tobacco, but also because of chemicals found in some vaping oils. In a 2019 study, researchers discovered a strong link between e-cigarette vapor and lung cancer in mice.
Insurance companies are aware that nicotine users are more likely to develop cancer, which will affect a vape smoker's life insurance premium. People who have cancer or a family history of cancer may find it difficult to obtain life insurance coverage due to their health risks.
Life insurance classifications
To price individual policies, most life insurance companies use a classification system based on health. Your premium will be higher if your rating is lower. The complete rating table is provided below, along with a description of each classification:
Life insurance classification | Meaning |
Preferred Plus | The Preferred Plus category is reserved for the healthiest individuals, with no pre-existing conditions or family history of illness. |
Preferred | The Preferred category is for non-smokers who only have a few minor health issues. |
Standard Plus | The Standard Plus category is for people who have several minor health issues, or are considered overweight. |
Standard | The Standard category is used for people in average health, who suffer from several minor conditions, or have a family history of certain medical issues. |
Preferred Smoker | The Preferred Smoker category is for people who actively smoke or recently quit smoking, but are otherwise in excellent health with little to no family history of illness. |
Standard smoker | The Standard Smoker category is for active smokers who are considered to be in average health, and who may have a few minor conditions. |
Table rating | People who are in poor health are often put into the high-risk category, which uses a table rating system to calculate their premium. People in this category pay the highest rates. |
As previously stated, vapers typically fall into the Preferred or Standard Smoker categories, which can have a significant impact on their life insurance cost. Furthermore, people who vape and have other health issues, such as heart disease, will most likely fall into the table rating category, which comes with an even higher premium.
Life insurance for vapers
When applying for life insurance, you may be tempted to conceal your vaping habit in order to obtain a lower rate. Being dishonest on your life insurance application, on the other hand, may result in other insurance-related issues. During a medical exam, a doctor will be able to detect nicotine in your system. Furthermore, if your insurance company discovers that you vape and failed to disclose this information on your application, they have the right to withhold your death benefit if you die.
Because there is so little information about the long-term effects of vaping, many life insurance companies lump non-tobacco smokers and tobacco smokers together, resulting in higher rates. There are, however, ways to save money on your life insurance policy, such as:
- Quit smoking: If you stop vaping, you may be able to drop out of the smoker category and qualify for a lower rate. Life insurance companies typically consider you a non-smoker after you have been smoke-free for 12 months.
- Improve your overall health: If you are currently in the high-risk category and vape, consider working on improving your overall health to move into a better category. Working with your doctor to manage existing conditions, taking prescribed medications, losing weight if you have a high BMI, and so on.
- Switch carriers: If you believe you are overpaying for life insurance, you may want to consider switching to a different provider. You could also look for an insurance company that charges different rates to tobacco and non-tobacco smokers.
Frequently asked questions
What is the best life insurance for vapers?
The best life insurance for vapers is unique to each individual. Every life insurance company prices its policies differently and categorizes vapers differently. Regardless of health or lifestyle, some of the best life insurance companies have high customer satisfaction ratings and financial strength.
Should you disclose vaping on a life insurance application?
Yes, you must disclose your vaping habits as well as any other medical conditions on your life insurance application. Insurance companies will typically evaluate your health through a comprehensive medical exam, which will be used to validate the information you provide on the application. Lying on your life insurance application has consequences, including the possibility of being denied coverage.
Can you get life insurance without a medical exam?
Yes, if you do not believe you would pass a traditional medical exam, you could choose a guaranteed issue life insurance policy. A medical exam is not required for guaranteed issue policies. Instead, they may have a health questionnaire, allowing almost anyone, regardless of health, to obtain coverage. It's important to remember that guaranteed issue policies are typically very expensive and provide limited coverage.
How much life insurance do you need?
As a general rule, insurance experts recommend that you purchase enough life insurance to financially support your family in the event that you lose your job. Using an online coverage calculator is a simple way to determine your life insurance needs.