Are you a smoker or a vaper? Then you know the difference– while cigarettes contain tobacco and release smoke when burned, vape devices heat liquid containing nicotine to create an inhalable vapor. But is this difference noticed by life insurance companies too, who base their rates on one’s risk of dying prematurely? Does vaping affect life insurance rates in the same way smoking does? In this blog post, William Schantz takes a look at how vaping may impact your life insurance premiums and discuss some potential mitigating factors that could help keep them low. Join us for an informative discussion about how vaping affects life insurance!
Does Vaping Affect Life Insurance Rates? William Schantz Answers
The relationship between vaping and life insurance rates is an important one to consider, says William Schantz. Vaping, or the inhalation of vaporized nicotine from a device such as an e-cigarette, has become increasingly popular in recent years. While some view it as a safer alternative to smoking cigarettes, others have raised concerns about its potential health risks and effects on life insurance rates.
While studies on the short-term effects of vaping are still ongoing, insurers have begun incorporating vaping into their underwriting processes when assessing applicants for life insurance policies. Depending on the results of an applicant’s medical examination and questionnaire, insurers may factor in their vaping habits to determine their premiums.
For example, if an individual vapes regularly without also smoking traditional cigarettes, the insurer may view them as an ‘acceptable risk’ and offer a lower premium. On the other hand, if someone smokes regularly but also uses nicotine-based vaping products, the insurer may perceive them as higher risk and thus set a higher premium.
Another important factor to consider is the type of product being used. Generally speaking, nicotine-based e-cigarettes are seen as riskier than those with no nicotine due to their potential for addiction. Vapers who use non-nicotine-based products are likely to be viewed more favorably by insurers than those using nicotine-based ones.
It’s also worth noting, as per William Schantz, that life insurance companies will consider not only how often you vape but also when it began. For instance, applicants who have been vaping for a long time may be viewed as lower risk than those who only started recently, as the effects of regular vaping over an extended period of time are better understood.
William Schantz’s Concluding Thoughts
Ultimately, the insurance industry’s stance on vaping is still evolving, and it can vary from company to company. According to William Schantz, the best way to get an accurate assessment of your potential life insurance policy premiums is to speak with a qualified advisor about your individual situation. They will be able to explain how various factors such as your history with smoking or vaping, health conditions, age, and other personal information could affect your rates. Knowing these details can help you make an informed decision when shopping around for the best policy and coverage that suits your needs.