Life insurance

[Fshaw]

Whole life is a tool, like many other financial instruments. In some cases it makes sense (estate planning is one), and in others it does not, it all depends on your perspective and what you are seeking to accomplish. I would avoid absolute statements though, they seldom hold true in all financial markets.

[DrunkenMonkey]

My statement was qualified, not absolute. And my understanding may well be wrong. I assume that there's something I'm missing, because every insurance agent I've ever spoken to has tried to sell me whole life, but when I work through it I can never come up with a way it would be a good product.

I do understand the issue of having to pass another physical exam to get a new term policy, as Fosgate mentioned, and that makes sense.

[TheLiquidGator]

If you disclose you smoke 2 cigars a week, but actually smoke 6 week can they tell the difference?

[tmac77]

Oddly enough I told the doctor that I smoke a cigar a day and he put me down as a non smoker.

[TheLiquidGator]

Oddly enough I told the doctor that I smoke a cigar a day and he put me down as a non smoker.

I bet he has a nice humidor

[bugman78629]

I am 39 and have a 14 month old baby girl. I got a term life policy when she was born. Same problem came up. Dr. records reflect 'smoker' due to cigars. I have a rock star insurance agent and his advice was don't lie. Thinking long term...if there is ONE chance in a million that my insurance would not pay out to my wife and daughter, it is not worth it. I need to know 100% that they are taken care of and the only way to be sure is to be 100% honest on the forms. I am a fat bastard and smoke a cigar a day. I don't want to chance that 'two year' period referenced above (even though it is true).

Best advice is shop around. Some insurance delineates between cigars and cigarette smokers and some do not. Many companies change their policies frequently so the same company may have different rules and rates at different times of the year or from year to year.

Now they will check your gums for Nicotine residue.....(my good friend is a Dentist) who does contract work for insurance companies for Death Claims.