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Life Insurance Cheaper for E-Cig Users

By Tyler McCanus

Monday July 14, 2014
Smokers can get cheaper insurance by switching to e-cigs
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If you thought water vapor cigarettes, also known as electronic cigarettes or e-cigarettes, could save you money, you were more correct than you probably realized.

In a clear-cut sign of about the changing perception of e-cigarettes, life insurance quote company YourLifeSolution.com has announced the availability of policies for e-cig users at non-smoker rates.

Just by ordering new e-cig tanks or e-cig juice instead of buying a pack of cigarettes you will put yourself in a different category.

This news may be bigger than you think if we take it as an indicator of what the future holds, and e-cigarette brands really need to take notice of what this could start.

While one company does not make a trend, it says a lot that an insurance broker is able to discount rates for former smokers that now use electronic cigarettes.

Beyond the statement that it makes about the ability for water vapor cigarettes to create a real, long-term lifestyle change, theoretically it brings with it some solid data analysis about those using e-cig juice to get their nicotine fix.

Why is it that this little piece of news means so much to us?

Well, think about insurance companies and what it is they do. Day in and day out they need to analyze their risk when setting premium costs and offering policies to the public. If they underestimate risk, they will get hit hard by having to pay out a lot of insurance policies that did not bring in the requisite revenue to support it.

Basically, if the policy buyer doesn’t end up paying in enough before the payout is made available, the insurance company will take a financial loss.

life insurance premiums for ecig users are compared to non smokersOkay, blathering about the rationale of insurance companies can only take us so far. If we cut to the chase, what this means is that this insurance broker believes they do not have any more risk with an e-cigarette user compared to a non-smoker.

While some would simply label e-cigs as one of the many types of cigarettes out there, they clearly think there is a difference with water vapor cigarettes. If they believed otherwise, they couldn’t offer them the same rates – statistically they would lose money.

Take that a step further and what it truly means is that they believe e-cigarette users have no more chance to get sick or die than non-smokers. They aren’t saying e-cigarettes are safe, but they are saying that statistically they are taking that bet.

This company is putting their money where their mouth is and it rings loud and clear. The thought of someone heating up some e-cig juice and vaping away doesn’t do the same thing as that of someone sparking up an analogue cigarette. Algorithms now need to be adjusted to account for the immense growth of e-cigarette brands worldwide, but this is just the first small step for the insurance industry in defining the types of cigarettes that will influence their rates.

We know water vapor cigarettes are different and if you use them yourself, you have experienced those differences first hand. They don’t produce that awful odor that cigarettes do, the one that sticks to your clothes, hair, and furniture. They don’t dirty up the environment with ash and cigarette butts. They certainly don’t cost as much as analogue cigarettes do, especially in this day and age of constantly increasing cigarette taxes.

Most importantly, you don’t feel the same way you did with cigarettes as you do after you have made the switch to e-cigs.

Now insurance companies are coming to the same conclusion that we came to a long time ago: vaping e-cigarettes is NOT the same as smoking a cigarette and shouldn’t be treated as such. When an industry that lives or dies on probabilities and financial repercussions start seeing it the same way we do, we know things are headed in the right direction. They don’t have room for error and don’t make judgment calls either, meaning the numbers are on our side too.

We think and hope this is just another stop on the way of full acceptance and realization of the potential that water vapor cigarettes have. Here at ECCR we’ll keep watching and happily tracking the progress on our way there.

Tyler
Team ECCR

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