Mortgage Protection for Smokers: Your Options Explained
A mortgage is likely to be one of the biggest financial commitments you will make in your lifetime. It’s important to consider how you would provide for your loved ones if you were no longer able to pay the mortgage yourself. Mortgage protection insurance can help ensure that your family is not left with the burden of paying off the mortgage if you die. But what happens if you are a smoker? Can you still get mortgage protection?
The good news is that yes, you can still get mortgage protection even if you are a smoker. However, you may face higher premiums compared to non-smokers. This is because smoking is considered a high-risk behavior that increases the likelihood of serious health problems and premature death.
While the cost of mortgage protection for smokers can be higher, it is still possible to find affordable coverage. There are several things you can do to reduce the cost of your premiums, such as quitting smoking, taking out a term life insurance policy instead of a permanent policy, and shopping around for the best rates.
Looking For Mortgage Protection
When looking for mortgage protection, it’s important to work with an insurance company that specializes in life insurance. A knowledgeable insurance agent can help you understand your options and find a policy that meets your needs and budget. They can also answer any questions you have and provide you with a quote.
If you are a smoker, it’s important to be honest with your insurance agent about your smoking habits. Lying about smoking can result in your policy being cancelled or denied when you file a claim. It’s also important to keep in mind that quitting smoking will not only improve your health, but it can also reduce the cost of your mortgage protection premiums.
In conclusion, being a smoker does not automatically mean you can’t get mortgage protection. You have options, and with the help of a knowledgeable insurance agent, you can find a policy that provides peace of mind and protects your family.