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748 vaping, recreational drugs, genetic testing + more (life insurance Q&A)
Nov 25, 2024
Phil Thompson, a financial advisor from Skye Wealth specializing in life insurance, dives into pressing insurance topics. He discusses how vaping and recreational drug use affect life insurance eligibility. The conversation turns to genetic testing's impact on coverage decisions, highlighting ethical dilemmas. Phil also addresses common pitfalls when switching super funds and the challenges of securing insurance with pre-existing conditions. The importance of professional advice and family coverage is emphasized, ensuring listeners understand their options and rights.
01:18:58
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Quick takeaways
- Vaping is treated by insurance companies similarly to smoking, significantly impacting life insurance premiums for users until they cease for a year.
- Insurance providers cannot require genetic testing but can use disclosed results for risk assessment, urging proactive coverage before testing.
Deep dives
Vaping and Insurance Implications
Vaping is treated similarly to smoking by insurance companies, affecting life insurance premiums for those who disclose their vaping habits. If an individual has vaped or smoked within the last 12 months, they will likely face higher premiums on their insurance policies until they have ceased using these products for a full year. This means that even if someone considers vaping to be less harmful than smoking, it is still classified as a risk factor by insurers, and the financial repercussions are notable. Therefore, individuals interested in life insurance should be aware that their vaping status could significantly impact their coverage costs.
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