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Case Studies of Vapers Saving $$$

Discussion in 'Vaper Insurance Specialist' started by David R Gould, Oct 6, 2016.

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  1. David R Gould

    David R Gould Full Member

    Hello again, Vapesters! I am starting a new thread to highlight some of our actual Vaper client life insurance success stories. Names will be changed for obvious reasons but all else will be the glorious facts.

    Case Study #1 Ron
    Ron contacted me for a Life Policy Review, having taken out a plan 5 years ago when he was still smoking cigs. Being a family man, Ron protected his wife and kids with a $1mil policy. He really wanted a 20 Year Term, but had to cut the duration back to just 10 years to keep the cost down. Enter Latitude.

    An evaluation of Ron's policy and the fact that he has not smoked cigarettes in over 1 year resulted in: eligibility for a brand new policy at NonSmoker rates, extension of the $1Mil coverage from 10 to 20 years AND a 10% savings versus his current payment!

    Yes, that's right, essentially, double the coverage (duration) and still paying less than before! :shock:In fact, Ron is using his savings to help cover the premium on a new policy for his Vaper spouse! Another family protected and another Vaper getting the financial reward they deserve. Until next time....David
     
    • Like Like x 10
  2. DebbieNY

    DebbieNY Ultra Member Verified Member ECF Veteran

    Feb 11, 2013
    New York City
    Thanks for the information, David! I must ask though, how do insurance companies handle vapers generally? I know many do blood tests and will test for the bi-product of nicotine, if someone claims that they are a non-smoker, but how can companies be sure that someone who claims to only vape nicotine actually does? I will NEVER smoke real cigarettes again, but do vape 6mg. Are there risks for someone like me to be lumped in with smokers because of the nicotine despite being a vaper? I need to get a life insurance policy soon, so I want to know what to expect.
     
    • Like Like x 3
  3. David R Gould

    David R Gould Full Member

    Hi @DebbieNY! Thank you for your message. Great questions. Let me answer one by one. First of all, most insurance companies (but not all) treat Vapers just like Smokers and charge very high rates accordingly. At Latitude, we work with the handful of insurance carriers that are Vape friendly and offer NonSmoker rates to those who have not used cigarettes in the past year. So, our mission is to help Vapers obtain NonSmoker, and therefore vastly lower (up to 60% less) rates on life insurance. Next, you ask about how the company will know you are not smoking cigarettes still....part of the process of applying for life insurance is a physical exam which includes a blood test. The insurer will test for tobacco combustion markers like Thiocyanate that tell them you are just vaping and not smoking. Lastly, for this reason you will not be lumped in with smokers and will receive a NonSmoker rate so you can get the protection you want and can afford! You can get a general quote yourself on the web site www.latitudeinsurance.net/vaping, but I would highly recommend we talk so I can give you more detailed and personalized numbers. I hope to connect with you soon! Thank you.
     
    • Like Like x 3
  4. whiteowl84

    whiteowl84 Unresolved Status ECF Veteran

    Jun 15, 2016
    So insurance companies are on board but the FDA is still fighting?
    I wish I lived in Europe.
     
    • Like Like x 2
  5. Oliver

    Oliver ECF Founder, formerly SmokeyJoe Admin Verified Member

    Yup, it's a shocker isn't it? BUT, and this is why I'm so keen to help David get his message out to vapers - this is political. If the insurers are treating vapers as nonsmokers....
     
    • Like Like x 6
  6. David R Gould

    David R Gould Full Member

    @whiteowl84, yes some insurance companies are on board! And someday we hope all of them will be.
     
    • Like Like x 3
  7. DC2

    DC2 Tootie Puffer Verified Member ECF Veteran

    Jun 21, 2009
    San Diego
    Some people get suspicious of motives.
    Some people are just skeptical by nature to begin with.

    My opinion?
    I don't give a crap.

    Working to change how insurance treats vapers is enormously important.
    And anyone working towards that goal will get my support.

    I don't have life insurance, as I don't need it.
    But I sure as heck need someone fighting for my health insurance premiums.

    Maybe some day...
     
    • Like Like x 6
  8. JuiceJug

    JuiceJug Senior Member ECF Veteran

    Feb 23, 2013
    Canton,OH
    I quit smoking almost 4 ,yrs ago, a few months back i wanted to change life ins. policys. I vape 3mg nic. did my physical, guess what ? They wanted smoking rates since nic was in my system, they knew I vaped. Went down to 0 nic, with a different company, that knew I vaped, and got non smoking life ins
     
    • Like Like x 2
  9. KODIAK (TM)

    KODIAK (TM) Ultra Member ECF Veteran

    Jan 31, 2014
    Dead Moose, AK
    Well, with zero nic (continine) in your system you probably passed their test and that's all they care about. Yes? No?
     
  10. JuiceJug

    JuiceJug Senior Member ECF Veteran

    Feb 23, 2013
    Canton,OH
    Yes. But whats funny is, both companies was told I vaped. you would think since they are paying for the physical and lab work, they would be more up front about nic use with vaping. This is a new area for the insurance companies
     
    • Like Like x 1
  11. David R Gould

    David R Gould Full Member

    @JuiceJug Thanks for sharing your experience with your life insurance. Glad to hear you got a NonSmoker rate. You are absolutely right that even 9 plus years since the advent of vaping, insurance companies still are in the fog on how to deal with this practice. Standards vary from company to company, from one giving a NonSmoker rate to those who vape nic, and another only honoring that rate if an applicant vapes no nic. There can also be frequency of use criteria applied as well. My concern is that some vapers try to fool the system by abstaining from nic temporarily to get a better rate. Not only is this unnecessary if you are applying with the right company, it is very risky and can result in the policy being rescinded by the carrier at the moment of truth.
     
    • Like Like x 2
  12. DC2

    DC2 Tootie Puffer Verified Member ECF Veteran

    Jun 21, 2009
    San Diego
    Yes indeed. Gambling with insurance makes no sense.
    If you want to gamble, then you might as well just skip the insurance altogether.

    As for me, I stopped using nicotine in January, but not because I wanted to.
    I did it because I refuse to pay the extra $50/month extortion money for my health insurance.

    The last thing I ever would have done is fool the test and then keep using nicotine.

    I'll either pay the $50/month or stop using nicotine.
    For now I'm doing the latter.
     
    • Like Like x 2
  13. David R Gould

    David R Gould Full Member

    @DC2, smart, but hard choice to have to make. Unfortunately, at this time, there are no vape friendly health insurers to turn to. Certainly a situation we hope to see change.
     
    • Like Like x 1
  14. rwoodin

    rwoodin Senior Member ECF Veteran

    This is an interesting option for vapers wanting life insurance. I'm seven years vaping with zero cigarettes. I got a new 10 year level term, 100K policy this past summer. As a 56 year old, I got a smokers rate of $97 a month. So, what are the names and ratings of the insurance companies that issue the policies? That is important.
     
  15. David R Gould

    David R Gould Full Member

    @rwoodin, thanks for your comments! First of all, congrats on being smoke free for 7 years! That is fantastic. I don't see a counter in your signature, but you must have saved thousands of dollars just on cigarette costs alone since you quit. Now it is time for your Life insurance to give you similar and substantial financial reward for your healthy choice. Simply put, if you are paying tobacco rates, you are with the wrong carrier. The Vape friendly carriers we work with are household names with A+ ratings and stand ready to insure you for half your current rate!
     
  16. rwoodin

    rwoodin Senior Member ECF Veteran

    Thanks David. I will be in touch with you soon.
     
  17. wallacecarey

    wallacecarey Senior Member Verified Member ECF Veteran

    Sep 20, 2013
    Huntsville, Alabama
  18. David R Gould

    David R Gould Full Member

    Hello again, here is a breakdown of the bottom line cost savings Ron stands to see:

    Monthly Vaper Rate Savings Vs Smoker $280.80

    Annual Savings $3,369.60

    20 Year Policy Length Savings $67,392 !!!

    What would you do with the savings? :)
     
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