Life insurance, by its very nature, is deeply personal. It transforms the vulnerable into the secure. It can also leave you wondering – how does that all work, anyway? Keep reading for answers to a few curious and common life insurance questions you’ve probably wondered about…but were too afraid to ask.
I Have a Dangerous Hobby. Can I Still Get Life Insurance?
In many cases, yes – but expect to answer some questions and (probably) pay a little extra to account for the additional risk. Before giving you a quote, your local insurance agent may ask you to fill out a written questionnaire to understand more about your hobby.
At ERIE, that includes hobbies such as:
- Rock climbing
- Vehicle racing (stock cars, drag racing, motorcycles, etc.)
- Aviation
- Sky diving
- Scuba diving
The questionnaire may ask for details like:
- How long you’ve participated in the hobby
- How frequently you engage in it
- Any training, certifications, or safety education
- If you ever get paid or hired for your hobby (as opposed to just doing it for fun)
- Future goals related to the hobby
It’s important to be honest when completing the form. Misrepresenting your activities could lead to a denied claim later on. Once submitted, your responses go to the life insurance underwriter, who evaluates the risk and helps determine your premium.
For example: Let’s say you’re into rock climbing. Does that mean you climb indoors with friends once in a while at the local gym? Or are you planning a trip to the Himalayas to go ice climbing alone? Similarly, if you have a private pilot license – are you taking occasional short trips for business? Or are you regularly stunt flying in air shows on the weekends?
You get the idea… it’s all about calculating that risk.
If I Quit Smoking, Can I Get Re-Rated to Save Money on Life Insurance?
First things first: Good for you!
As for your policy, yes, in most cases, you can ask your local agent to re-rate your existing life insurance. But before that happens, you’ll likely need to demonstrate a consistent lifestyle change for at least one to two years. Depending on your situation, the outcome may vary:
If you quit smoking as part of a healthier lifestyle — and there are no complications — you may be eligible to move from the “smoker” to “non-smoker” rate classification. This typically results in lower life insurance premiums.
However, if you quit due to a medical condition (e.g., COPD or lung cancer), that health factor may still influence your rate.
In either case, your agent will likely ask you to complete a questionnaire explaining when, why, and how you quit.
What if I Lose 50 Pounds? Could I Get Re-Rated Then?
Similar to the example of smoking, the insurer will want more context about your weight loss.
Questions you might be asked include:
- How and why did you lose the weight?
- Was it through surgery (gastric bypass, lap band)?
- Was it unintentional or related to a medical condition or medication change?
If your weight loss is the result of healthy lifestyle choices — like diet and exercise — and you’ve maintained it over time, you may qualify for a better rate class. That said, most insurance carriers will assume some weight will return. So, when re-rating, they typically add back about 50% of the lost weight to account for that possibility.
Why? Statistically, significant weight loss often comes with some rebound, which affects long-term risk predictions.
Be sure to ask your Stubbs Insurance Agent about re-rating your life insurance policy when your health improves or lifestyle changes.
Talk to a Local Stubbs Insurance Agent for a Life Insurance and to ensure your life insurance remains in force no matter what.