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Smokers’ Risky Habit Continues to Shorten Life and Up Life Insurance Premiums

September 2nd, 2010


Jan
Creative Commons License photo credit: jk.fotografie

In New York City alone, there are over 11,500 stores licensed to sell tobacco products. In a recent drive to boost awareness of the health risks associated with smoking New York’s Mayor Michael Bloomberg implemented a health awareness campaign targeting these outlets.

The store owners have been asked to display signs outside their shops which show graphic images of how smoking tobacco harms the body. A few of the posters show a lung badly damaged by cancer, a decaying tooth, and a brain that has suffered a stroke, all aftermaths of using tobacco products. The posters include information for the residents of New York on where to get help in quitting smoking, and a call to join New York City’s quit program.

Tobacco Companies Strive to Maintain their Market – While Smokers Continue to Die from their Habit

Surely, you may think, any attempt to reduce the amount of deaths by smoking has to be a good thing? Not only will there be a reduction in the numbers of deaths due to smoking but non smokers will have added financial benefits such as more money in their pockets and access to far cheaper life insurance.

The three big tobacco companies, Philip Morris, RJ Reynolds Tobacco and Lorillard, however, have banned together in an attempt to cease the campaign’s efforts and have the signs taken down. In an effort to keep their customers, they are taking legal action against what they perceive to be a so far successful campaign to cut the number of smokers in New York City.

Tobacco Manufacturers Talk of ‘Rights’ in Attempt to Win Against Health Campaign

Unfortunately if history repeats itself, they may well succeed in their attempt. In 2003, Reynolds and Lorillard were successful in suing the California Department of Health Services and managed  to wipe out their effective anti-smoking advertisements. The tobacco giants usually call on the services of the First Amendment in these types of cases arguing that store owners should not be forced to put up any material they do not wish to.

The Residents of New York City, however, have rights which far outweigh the spurious rights cited by the big tobacco companies – for instance – the right to be educated against the dangers of smoking and the right to live a long healthy life – with the added benefit of  good medical and life insurance.

Dangerous Jobs and Life Insurance

July 28th, 2010
A look from at the findings of the Bureau of Labor Statistics listing the most dangerous professions in the United States.

A look from at the findings of the Bureau of Labor Statistics listing the most dangerous professions in the United States.

The Bureau of Labor Statistics recently updated its Census of Fatal Occupational Injuries which tells us which are the most hazardous professions to work in within the US. The CFOI builds up a picture about the circumstances of the death of an employee using death certificates, workers’ compensation reports and Federal and State administrative reports regarding the incident.

Which Workers Pose Risk to Life Insurance Companies?

The figures help inform employees about the various risk areas involved in their work, aid the promotion of better work practices and are used to improve workplace safety standards; in fact the National Safety Council uses the data as the basis for its information and research. There is however, another use for these statistics –as a tool for life insurance companies to help them apportion risk to potential policy holders – life insurance premiums will be higher for those working in the most hazardous industries since they will be a higher risk to insure.

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First-time Parents and Life Insurance

June 29th, 2010

Parent and BabyBecoming a parent for the first time is a happy but turbulent time –the change from having only yourself to look after to having dependents is one of life’s greatest challenges. As well as the practicalities of looking after children there are also important financial implications for your new family – and especially- what would happen in the event of the death of either yourself or your partner? Life Insurance should be a priority for both parents since childcare costs, should the stay at home mom or dad die, could be astronomical.

First Time Parents are Getting Older

Couples who delay having children into their late thirties or even forties will have dependent children in their sixties. According to the U.S. Census Bureau, last year over six percent of males with children aged eighteen or under were over 55.This is a jump up from 3.6% in 2000 and it’s a trend which seems set to increase.

If you delay having children then the sooner you take out a life insurance policy the better, since the younger you are when you apply the better the terms which can be negotiated. Life insurance cover will also help protect children with older parents from having to pay out on medical care for them later on.

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Life Insurance Costs and Obesity

June 24th, 2010

Being obese or overweight could be a hindrance to obtaining affordable life insurance.

Going on a diet could seriously help your finances when it comes to taking out life insurance. Life insurance companies tend to increase premiums for overweight people, even if they are otherwise healthy.

According to a recent study by the Center for Disease Control and Prevention (CDC) around 66% of the American public is classified as either overweight or obese. A recent study in PLoS Medicine reports that obesity is one of the four main risk factors which can lead to chronic disease, along with smoking, hypertension, and elevated blood sugar levels. As one of these multiple risk factors, obesity plays its part in reducing the average American life by 4.9 years for men and 4.1 for women.

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