I was talking to GIECO yesterday. I already have car insurance with them, and I now need renters insurance. I also got a quote for life insurance and we got into an interesting discussion.
I have to pay a higher premium because I smoke - almost three times the quote they gave for my husband who does not smoke. Even if I had totally quit, the rates remain high for a couple of years. The insurance company gives a blood and urine test to make sure applicants aren't lying about it. I asked about my husband and kids - wouldn't they test as having nicotine in their system because I smoke in the house and they get a lot of "second-hand smoke"? GEICO said no. Nicotine is absorbed through the mucous membranes of the mouth and through the skin in the case of a patch and is filtered out in urine. Breathing second hand smoke doesn't affect a non-smoker.
To put it crudely - life insurance companies are betting that they will collect more in premiums than they will pay out in claims. The longer you live, the longer you will be paying to them before they have to pay out. They assess risk factors, like heart disease and smoking, and charge a higher rate because they figure people with these risk factors won't live as long and be paying into the pool. You're going to die sooner, they need to get the money from you quicker.
Insurance companies have a vested interest in the health of their clients. One would think, if there was any risk from second hand smoke, they would be all over that and charging higher premiums. So this just shows that those who whine and complain about second hand smoke (and third-hand smoke - what the heck is that anyways?) are full of it and "just blowing smoke up ....."
Unfortunately, insurance companies test for nicotine - not cigarettes. So even if you don't smoke, but vape or use the patch or other NRT - you still have to pay smokers rates.
~A
I have to pay a higher premium because I smoke - almost three times the quote they gave for my husband who does not smoke. Even if I had totally quit, the rates remain high for a couple of years. The insurance company gives a blood and urine test to make sure applicants aren't lying about it. I asked about my husband and kids - wouldn't they test as having nicotine in their system because I smoke in the house and they get a lot of "second-hand smoke"? GEICO said no. Nicotine is absorbed through the mucous membranes of the mouth and through the skin in the case of a patch and is filtered out in urine. Breathing second hand smoke doesn't affect a non-smoker.
To put it crudely - life insurance companies are betting that they will collect more in premiums than they will pay out in claims. The longer you live, the longer you will be paying to them before they have to pay out. They assess risk factors, like heart disease and smoking, and charge a higher rate because they figure people with these risk factors won't live as long and be paying into the pool. You're going to die sooner, they need to get the money from you quicker.
Insurance companies have a vested interest in the health of their clients. One would think, if there was any risk from second hand smoke, they would be all over that and charging higher premiums. So this just shows that those who whine and complain about second hand smoke (and third-hand smoke - what the heck is that anyways?) are full of it and "just blowing smoke up ....."
Unfortunately, insurance companies test for nicotine - not cigarettes. So even if you don't smoke, but vape or use the patch or other NRT - you still have to pay smokers rates.
~A
