Long-Term Care Insurance and Tobacco Use
Long-term care insurance and tobacco use may not seem like they go together. Shopping for a long-term care insurance policy may seem confusing especially if you have tobacco use in the past 5 years. Getting a good rate on long-term care insurance with tobacco use is possible if you work with a long-term care insurance specialist that will help you shop for a policy.
Can I qualify for long-term care insurance if I have tobacco use?
If you have tobacco use in the past 5 years you can qualify for long-term care coverage. Every insurance company has different criteria to determine who they can insure and at what rate depending upon what type of tobacco they use. Some companies treat all types of tobacco the same (e.g. chewing tobacco, cigarettes, cigars, etc…) Other companies are only concerned with cigarette use. If you’ve quit using tobacco, some companies will still give you the tobacco rates if it’s been less than 5 years since you quit. Other insurance companies only consider give tobacco rates if you’ve used tobacco in the last 12 months. It’s important to work with an experienced, independent agent who is familiar with the four main types of long-term care coverage. An independent, long-term care specialist can recommend the perfect policy for you based upon your history of tobacco use.
Which type of long-term care policy should I buy if I have tobacco use?
There are four main types of long-term care coverage: traditional long-term care insurance, long-term care partnership programs, life insurance with long-term care riders, and annuities with long-term care riders. The best type of policy for people with a history of tobacco use is usually a traditional long-term care policy or a long-term care partnership program. However, everyone’s situation is unique. Click here to try our proprietary “Policy Finder” tool (no phone required). It will give you an instant ranking of the four types of policies based upon your answers to a few short questions.
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Will I pay more for long-term care insurance if I have tobacco use?
Every long-term care insurance company is different. Some long-term care insurers may charge applicants only 10% more for tobacco use. Other insurers may charge applicants 40% more for tobacco use. That’s why it’s important to work with an long-term care insurance professional who can help you shop around and compare several different policies.
If I have a history of tobacco use will I have to take a physical in order to qualify for long-term care insurance?
Some long-term care insurers do not require a physical if you have tobacco use in your health history. Most long-term care insurance companies will review your medical records in order to determine if they can insure you and at what rate. Ask your long-term care insurance specialist what underwriting criteria each company will use before deciding which long-term care insurance policy is best for you.
Can I qualify for long-term care insurance if I’ve already applied for and been denied coverage due to tobacco use?
Long-term care insurance specialists have less than 20% of their applicants declined. Insurance “generalists” have about 50% of their long-term care insurance applications declined. With over 25 years of experience, we can pinpoint exactly which company (and which type of policy) you’ll be able to qualify for. We have about an 80% success rate in helping our clients get approved even if they were previously declined. If you were denied long-term care insurance because of tobacco use it’s probably because you have other health conditions which, in combination with tobacco use, make you a higher risk. We can probably still help you get a policy. One of our long-term care insurance specialists can help you.
If you have tobacco use, a long-term care insurance specialist will ask you the following questions to determine if you can qualify for a long-term care insurance policy and calculate your premium:
Are you currently using any type of tobacco? If so, what type and how frequently?
If you’ve stopped using tobacco, what type of tobacco did you use and when did you stop?
Are you currently using any type of nicotine patch or gum?
Have you ever been hospitalized or required an emergency room visit due to tobacco use? If so, when?