Life Insurance For Smokers

Life Insurance For Smokers

If you are a smoker, you probably know that life insurance for smokers can be more difficult to get and is generally more expensive than insurance for non-smokers.

However, the difficulty in getting low-cost insurance for smokers has led to a wide market for insurers who offer low rates for these applicants.

These companies can get you insurance rates that are close to the rates offered by other companies to non-smokers.

How Much More is Life Insurance for Smokers

Remember, premiums don’t go up just because your a smoker. That guys for chewing tobacco, too. I had a client in his younger 30′s who looked to be in good health.

I was floored when his medical came back and he was quoted as a tobacco user. Turns out I had no idea that he chewed (and he didn’t bother to tell me).

Guess how much more premiums for smokers are compared to non-smokers?

Some are almost four times as much!

I ran term life quotes for a male and female at 30 year term $250,000 preferred non-tobacco and preferred tobacco. In some of those numbers I ran the other day, I found differences up the 3.8 times as high for smokers versus non-smokers.

Check out these numbers for insurance premiums of tobacco users vs. non-users:

Here are some numbers for a 20 year term at $250,000 for a 40 year old

I ran these numbers since I figured a 40 year old probably wouldn’t want to have a life insurance premium payment until they were 70 years old.

Shopping Around for Insurance

The best plan for smokers is to take a hard look at various companies that offer life insurance for smokers to find ones that offer reasonable rates. You should apply to several companies to see which one offers the best rate. For smokers, the difference between the prices offered by various insurance companies can be enormous.

You can save more than 20 percent on life insurance for smokers by shopping around and finding a company that specializes in low rates for smokers.

Lowering Your Insurance Rate

If you want the best possible rate, the best plan of action is to shop around, take the best offer you can find and then to stop smoking. If you can quit for a year, you can get a policy that is priced as low as any other non-smoker policy. If you have other health issues, your rate may be higher, but a healthy person who has been smoke-free for a year can expect extremely low rates from most insurance companies. Your rate can be about half of what you paid before under your smokers’ policy.

Once you have decided on your course of action, you can look into life insurance for cigar smokers if you regularly smoke cigars or the best non-tobacco life insurance rates after quitting smoking if you want to choose that path. Each will give you a different rate scale, and each will have different life insurance companies that specialize in rates for those applicants.