Life Insurance for Vapers
Planet of the Vapes spoke to the only life insurance provider to discount for vaping instead of smoking.
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by Toby Kilroy
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Planet of the Vapes began as a forum for vapers to get together and share information. Over the years we have grown into a huge beast but still hold fast to the notion that our primary aim is to help people access facts and the truth about vaping.
How do life insurance providers classify those who vape?
When it comes to life insurance usually you will be classified as a ‘smoker’ regardless of whether you smoke cigarettes, cigars or you vape.
In fact, your smoking status at the point of application is one of the key criteria when determining the cost of cover, (alongside age, the cover amount and medical history).
Whilst a smoker in their early 20s would only pay slightly more than that of a ‘non-smoker’, the loading of monthly premiums accelerates as we age and therefore a 50-year-old smoker could pay double that of a non-smoker.
However, as you can see from the case studies below, not all insurers view vaping in the same way due to different underwriting criteria. Therefore, it is worthwhile comparing quotes from multiple insurers, this is especially true if you use non-nicotine vapes.
A life insurance term can last up to 40 years and therefore even a small saving each month could equate to a significant lump sum over the lifetime of the policy.
An effective way to compare life insurance quotes and to establish how individual insurers view vapers is to use an FCA-regulated life insurance broker. The UK’s leading broker Reassured have compiled this comprehensive life insurance for smokers’ article if you require more detailed information.
If I was a smoker when I took out life insurance but now vape should I inform my insurer?
Yes, it is always worthwhile informing your insurer if you have switched to e-cigarettes, especially if you are now using a vape liquid which does not contain nicotine. Whether this lifestyle change impacts the cost of your monthly premiums will depend on the insurer and the policy type.
Alternatively, you could look into cancelling your existing policy and taking out a new policy; (whether this option saved you money would heavily depend on your age and now the individual insurer classified ‘non-smokers’).
How long does it take to be classified a non-smoker?
In order for an insurer to reclassify you as a ‘non-smoker’ and therefore help you to secure a lower life insurance premium, you must be nicotine free for at least 12 months (although the timeframe differs depending on the insurer).
Making the transition from smoking traditional cigarettes to vaping is a proven way of quitting the habit, as detailed in this ‘Vaping Helps Smokers Quit’ research we published.
In this article we have focussed on how insurers treat those who vape vs those who smoke and what’s more how you can save on your monthly premiums. However, the primary benefit of switching to vapes are the significant health benefits, as identified by the NHS below;
“Evidence shows that vaping is substantially less harmful than smoking. Vaping exposes users to far fewer toxins and at lower levels than smoking cigarettes. Switching to vaping significantly reduces your exposure to toxins that can cause cancer, lung disease, and diseases of the heart and circulation like heart attack and stroke. These diseases are not caused by nicotine, which is relatively harmless to health.”
We are delighted to discover that one life insurance company is determined to make a difference.
Case Study #1
David Mead, Future Proof’s Chief Executive Officer, said: “For years, Life insurance companies have charged Vapers the same premium as they do to people who smoke cigarettes - until now.”
“Future Proof Insurance have teamed up with the UK's Vaping Industry Association to bring cheaper than smokers rates to vapers. Future Proof have access to the UK’s only Insurer who have created discounted Life Insurance rates for people who have swapped from cigarettes to vaping,” he added. “The lower premiums reflect the health benefits of not smoking cigarettes. Public Health England [PHE] estimates vaping is 95 per cent less harmful than regular cigarettes.”
Case Study #2
David continued: “The biggest winners are people who haven’t smoked tobacco for over 12 months and have only used nicotine replacement products (such as e-cigarettes) during that time. In many cases they will be quoted premiums which are about half the cost which a ‘smoker’ would pay.”
Toby Kilroy
Journalist at POTVToby has been vaping since early 2012 and has used an array of devices and kit in that time. He sometimes writes up reviews but is often found with his head stuck in pages of code with a confused smile on his face. Toby also helps run his wife's site gethistory.co.uk and has two children. He sometimes fondly remembers having free time and occasionally manages to sneak away to put his head into a good book!
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