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Prudential Life Insurance to Charge Vapers as Smokers

Discussion in 'Media and General News' started by CarolT, Oct 11, 2019.

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  1. CarolT

    CarolT Super Member ECF Veteran

    Feb 22, 2011
    Madison WI
    "Prudential Financial plans to charge higher life-insurance rates to people who use e-cigarettes, bringing their policy prices in line with smokers.

    "Customers who vape will be classified as smokers instead of nonsmokers when applying for individual insurance policies, Prudential said in an emailed statement Wednesday. Smokers tend to be charged higher rates than nonsmokers."

    They cite the THC illnesses as justification. The usual lies follow: "Health officials have traced the illness to vaping, but they’re still trying to identify the exact cause." And Schuchat urging consumers to "stay away from all vaping products, including e-cigarettes, until doctors figure out what’s making people sick."

    Prudential to charge higher insurance rates for people who vape — the same as smokers
     
  2. Izan

    Izan Vaping Master ECF Veteran

    Jul 1, 2012
    Mallorca, Spain
    They have been trying to justify a rate parity with smoking ever since e-cigarettes hit the market.

    I doubt that they will be the last company to do this and predict that once the cause of the "vaping" ailments is shown to NOT be E-cigarettes/nicotine vapes, they will maintain the rate hikes.

    Congrats to those that have PRU in your portfolios.

    Cheers
    I
     
  3. bombastinator

    bombastinator ECF Guru Verified Member ECF Veteran

    Sep 12, 2010
    MN USA
    They love that one I’m sure. Insurance is very heavily regulated, and it is done so by profit margin. It’s periodic though, so what they make the most money from is a jump in increased profitability from one period to the next. This will give them one. And of course the best time to do it is between insurance eligibility periods so customers won’t be able to shop by price. They may have to allow those customers a new eligibility period of course. They’re effectively changing the insurance. It will likely cost them customers of course because it will make other insurance less expensive. Still a one month bump will get someone a promotion.
     
    • Agree Agree x 1
  4. sonicbomb

    sonicbomb Vaping Master Verified Member ECF Veteran

    Feb 17, 2015
    1187 Hundertwasser
    Insurance is just book making. Vaping is statistically and demonstrably less harmful than smoking, so these are some skewed odds they using to bump their profits. Scumbags.
     
    • Agree Agree x 2
    • Like Like x 1
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