Smoker Life Insurance Alaska AK
Reader’s Question:
At the time I purchased my life insurance in Alaska, I decided to quit smoking and was classified as a “Non-Smoker” by my insurance company. Would my premium increase if my insurance company would know that I am now a “Smoker”? I live in Anchorage, Alaska.
Jim
Anchorage, AK
No. In the first place, if the life insurance policy was already issued in Alaska, and then the insured started smoking once again after it was issued, the insurer would not normally be allowed to increase the rates after issue due to the increased risk by becoming a smoker. This is so in the absence of fraud and misrepresentation on the applicant.
The insurance company in Alaska cannot make any changes to affect the rate of the contract which is already in force. The story changes if the policy lapses and the insured wants to reinstate. A re-underwriting will be done based on his current situation and can expect a change in the rate.
I hope this gives you some insight.
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