“Because e-cigarettes are now treated the same as nicotine patches and nicotine gum, for purposes of life insurance rates, users must be aware that costly mistakes could be made if they buy a life insurance policy from the wrong company,” says Udell.
Wheeling, IL (PRWEB) May 11, 2011
With the recent announcement by the Food and Drug Administration that electronic cigarettes should be regulated as tobacco products, AccuQuote, one the country’s largest and most respected term life insurance quoting and brokerage firms, recommends tips to help e-cigarette users find affordable term life insurance.
“Because e-cigarettes are now treated the same as nicotine patches and nicotine gum, for purposes of life insurance rates, users must be aware that costly mistakes could be made if they buy a life insurance policy from the wrong company,” says Byron Udell, founder and CEO of AccuQuote.
AccuQuote suggests the following tips for finding life insurance quotes offering some e-cigarette users more favorable rates:
- Shop around – The key is finding the right company that will offer certain (typically non-cigarette) nicotine users more favorable rates – sometimes, even non-smoker rates (depending on the type of tobacco used and the frequency). For example, some companies simply disregard the fact you smoke an occasional cigar for purposes of pricing. Other companies do not.
- Deal with a multi-carrier broker – To avoid smoker rates, typically triple the price offered to non-tobacco users, an e-cigarette user purchasing life insurance needs to be aware which carriers treat them as a cigarette smoker. Only a brokerage firm that has access to a broad range of carriers will likely know which life insurance company might offer the most favorable term life insurance rates to a given person, based on their individual profile.
- Do NOT lie on your application – Because premiums offered to those who use tobacco use are often triple those of people who don’t smoke, some people are tempted to lie to get a better term life insurance rate, but doing so could put the existence of the protection at risk.
“To eliminate overpaying for life insurance, e-cigarette users should work with a multi-carrier insurance broker to help determine which insurance carriers require testing negative for nicotine to qualify for non-smoker rates and which ones find testing positive for nicotine acceptable,” says Udell. “These brokers empower e-cigarette users with the knowledge to purchase life insurance confidently today.”
Contact AccuQuote for information on life insurance and ways that e-cigarette smokers can save money. Call 888-314-4455.
AccuQuote helps consumers find the best values in term life insurance by combining instant online life insurance quotes with the personal service of unbiased life insurance professionals who answer questions, identify important issues and make meaningful recommendations. The company offers consumers an extensive selection of life insurance products, including term life, whole life, universal life, accidental death, long-term care, disability and selected annuities. AccuQuote.com has many handy insurance tools, including a term life insurance calculator to help consumers determine their life insurance needs, a glossary of industry terminology, a collection of articles and press releases that cover many life insurance topics and a blog that provides opportunities for discussion on life insurance and personal finance. For additional information or to get free quotes for low cost life insurance, please call AccuQuote at 888-314-4455.