Life insurance and ex smokers

[gingerjedi]

When I took out my policy I had to state if I had smoked in the past 12 months which I had, the premium was roughly double for a smoker but since I’ve stopped the premium should be reduced to that of a non smoker.

Does anyone have experience of this? Can they reduce it or do I have to start a new policy?

[sasguru]

If you have stopped for at least 1 year, you should be eligible for a substantial reduction

[BlackenedBiker]

I just made up a story about a bonus that I am getting in my mind and told it to people who didn't believe me from the outset. I rock

FTFY

[the_duderama]

FTFY

Lulz, pure genius.

[OrangeHopper]

I was of the impression that the terms, that applied at the time the policy is taken, apply throughout the term of the policy.

[Moscow Mule]

I was of the impression that the terms, that applied at the time the policy is taken, apply throughout the term of the policy.

Yes they do. So you need a new policy if you want to benefit from new-found smokelessness.

[gingerjedi]

Yes they do. So you need a new policy if you want to benefit from new-found smokelessness.

Seems daft but that's what I'll have to do, it's a pain in the arse chasing and paying the GP to do his bit though.

[sasguru]

FTFY

Jealousy will get you nowhere. No stop hijacking threads - its rude.

[Swiss Tony]

When I took out my policy I had to state if I had smoked in the past 12 months which I had, the premium was roughly double for a smoker but since I’ve stopped the premium should be reduced to that of a non smoker.

Does anyone have experience of this? Can they reduce it or do I have to start a new policy?

Depends on the type of policy, usually (ahem always) insurance companies will rate you for being a smoker, but if you are a non smoker for 12 months then they will reduce their rates after you take a test that they ask for, to make sure that you are not doing Tony Blair impressions.

I would ask your current insurers as to how the land lies, as they do normally just revert you to a non smoker status and reduce your premiums.

Failing all of that then a new policy would be the way to go. Don’t cancel your old policy before the new one starts blah blah blah

[Moscow Mule]

Seems daft but that's what I'll have to do, it's a pain in the arse chasing and paying the GP to do his bit though.

It's all to do with the risk you present when they have to account for the money they may have to pay out...

A faff.