Quit smoking almost 1 1/2 years ago

[foto2014]

Just got off the phone with a Nationwide agent for a 20 year 1 million term life policy. I am a 49 year old 5’ 10” 180 lb male. Quit smoking 9/2022 with the help of Chantix. The agent gave me an initial quote of $172 a month. The agent sent me a health questionnaire to fill out and it asks if I have smoked in the last 5 years. How will this affect the initial quote of $172 a month? Now they are asking what the Chantix was for?

 

[jeshurun1111]

@foto2014 Plenty of companies do non-smoker after 1 year. More discounts can become available with more time.

 

[seekeroftruth0]

@foto2014 Just be honest, if your rates go up then go with a different insurance carrier.

There’s PLENTY of carriers that judge smoker rates based off of if someone has smoked in the last 12 months.

 

[tannerking1]

@foto2014 just lie and say you haven't smoked. also i wouldn't do a term i would look for something for investment potential I think its called index something

 

[hannahjane]

@tannerking1 They already know he took Chantix. Lieing is pointless at this point.

 

[612to907]

@tannerking1 You won’t go far in this business.

 

[hamy90]

@foto2014 Depends on the company. I have clients that got non smoker rates and premium was not affected.
Then I’ve got others that got rated as a smoker even though they quit and rate reflected the smokers status.
I offer their products and I am venturing to say you will not see an increase from initial quote.

 

[hamy90]

Also will depend on other meds taken and health issues you may have like high blood pressure, high cholesterol, diabetes, etc.

 

[javelinda]

@foto2014 Smoking usually sends your premiums through the ceiling. If they know you were taking chantix the best thing to do is not lie about it just explain you stoped smoking a year and a half ago and you haven't smoked since. Typically life insurance companies like to have you off cigarettes for 2 years before they consider you a standard applicant. Push comes to shove just brace for the smoker rates or try applying with a different company. If you need help let me know I'm a financial advisor I can point you in the right direction

 

[qity]

@foto2014 Expect your rates to go to 255/mo.

Nationwide will allow standard plus after 1 year of smoking cessation (which is the rate above).

Accept that policy and then petition them in Sept (2 years) to bump you to preferred non smoker (which is the 172 that you're being quoted.). Nationwide allows for preferred rates after 2 years of quitting.

Good luck!

 

[smb123]

@foto2014 Best $1Million 20 year term to 49 year old that has not used nicotine or nicotine replacement in previous 12 months is $169 per month. I'm seeing Nationwide's best case $1mill- 20 year rate for you at $238 per month right now. Minnesota Life may make you best offer right now. At 36 months since no nicotine used, the current best case $1mill- 20 year rate is $118 per month. Just rememnber you can always buy policy now and then re-apply again at anytime to try for better rate. You're under no obligation to keep any term policy for any period of time and there is no penalty to cancel or lapse policy.

 

[bethellens]

@smb123 Why even bother with term. If pay little more you would had permanent life insurance. You could littery wasted like 40k in that 20 years

 

[hamy90]

@foto2014 Depending on your state Securian would be $159.71