Hello! Welcome back to the Naples Life Insurance and Annuity Advisors blog! Lately, we have been answering questions about life insurance that you may feel are too embarrassing to ask anyone other than your computer. Our life insurance experts are always open to answering any of your questions. No question is a “stupid question” in our opinion and we would love to help you understand how to best prepare for your future and the future of your family.

In part one and part two we covered the answers to these questions:

  • Doesn’t my employer provide life insurance?
  • A medical exam to buy life insurance? Why?
  • What will the medical exam be like?
  • Can I see my own doctor?
  • What will they be looking for in my exam?
  • Is losing weight a good idea?

Catch up and get the answers to these important questions or keep reading to learn more about buying this beneficial financial investment.

Do I have to quit smoking for lower premiums?

Yes and no.

If you are just joining us, this may seem like an odd question to be asking when you are considering investing in life insurance. However, When you apply for life insurance, you will be required to have a medical exam administered by a third-party administered chosen by your life insurance company. Why? The state of your health will affect your premiums and, so considering quitting smoking before your physical might be a good idea. Many studies show that quitting smoking will greatly improve your health, so quitting would definitely benefit you. However, it may not affect your premiums as much as you would hope. Nicotine stays in your system for about a month and how long you’ve been smoking and how much you smoked may still affect your overall health report. Quitting though, will benefit you. Being a smoker, usually doubles your premiums.

What do you mean by classification?

When you receive your physical, you will be classified into a health status category.

We understand that knowing that your ability to get affordable life insurance and premiums is disconcerting and may seem discriminatory. However, here’s the reason. If you have poor health and have health habits that may shorten your life expectancy you will be paying your premiums for a less amount of time than that person that is healthy and expected to live longer.

With this in mind, after your physical you will be put into a classification like preferred plus, preferred, standard plus, standard, substandard, smoker, and so on. Your premiums will be directly affected by your health history. However, don’t be disheartened! Improving your health can positively affect your premiums in the future.

Can I lie about my history?

No. Lying won’t help you get a better premium.

The physical exam isn’t the only piece of information that an underwriter and the insurance company will look at to determine your premiums. Your prescription history and your doctor’s records will be looked at as your underwriter does their own research, so lying really won’t get you anywhere.

To get all of your questions about life insurance answered, stay tuned for our next blog post and be sure to contact Naples Life Insurance and Annuity Advisors! We would love to help you have peace of mind in the present and prosperity in the future in Naples.