E-cigarettes and vaping have become extremely common in recent years and are oftentimes thought to be less harmful alternatives to cigarette smoking. So does the use of e-cigarettes or vaping affect the cost of life insurance? Unfortunately, life insurance companies often don’t distinguish between the two when it comes to determining rates.
Is vaping the same as smoking?
Vaping has become a popular alternative to cigarette smoking and is often thought to be less harmful, however, the U.S. Food and Drug Administration still considers e-cigarettes as tobacco products that are subject to federal regulation.* That being said, most insurance companies categorize e-cigarettes or vaping as tobacco use, which typically leads to higher life insurance premiums.
Ways to Lower Your Life Insurance Rates
How to Lower Your Life Insurance Rates if You Stop Smoking
If you have quit smoking all together, inform your life insurance company as there is a good chance you’ll become eligible to lower your premium. Your age will always play a role in the cost of insurance, so the sooner you quit, the better your chance of lower life insurance rates.
How to Lower Your Life Insurance Rates if You Continue to Smoke
Being honest on your application about your habits and applying sooner rather than later is the best approach to obtaining a life insurance policy as a smoker. Most companies order blood, saliva or urine tests that can detect tobacco usage. Some life insurance carriers might be more flexible when it comes to determining life insurance rates, making it important and often beneficial to consider all of your options by shopping around.
Let SelectQuote Find the Best Life Insurance for You
Some of the life insurance companies we work with are able to provide favorable life insurance rates to both those in excellent health and those with certain medical or lifestyle risks. Even if you’ve been turned down before or quoted sky-high life insurance rates, we can calculate coverage and costs from some of the most trusted insurance companies in the nation in just minutes.