Life Insurance Rates for Smokers

Date: March 5, 2022       Category: Insurance/Life        Author: Kip Kelly

Smokers pay more for life insurance. Even though the rates for life insurance normally vary according to factors like age and gender, personalities who use tobacco should expect to pay up to 50% more when it comes to insurance rates.

A good number of life insurers charge higher premiums from individuals with risk factors that increase the chances of death at every age. In the world of insurance, the rule of the thumb indicates that people with high chances of dying should pay more and thus their rates are higher. This is meant to reward those who are safe and are less likely to file claims.

Life insurance rates for smokers tend to have higher value than those of individuals who have never used cigarettes before. It is actually a serious factor to be considered. What rockets the insurance rates for smokers is that they are engaging in behaviors that are known to pose danger to the body and therefore the probability of smokers filing claims is high.

On the other hand, it is a fact that the life expectancy of a smoker is very low. Therefore, there are high chances of the smoker's family filing petitions. Which is the way forward for smokers?

Life insurance is very important and therefore smokers are encouraged to subscribe for it. Do not allow your smoking habit to prevent you from buying insurance.

4 Tips to get cheap life insurance if you are a smoker

Inquire about the ''preferred'' smoker rates

There are insurance providers who are willing to give ''preferred'' smoker rates to smokers who have good health. In order to qualify for the rates, you have to fulfill certain requirements. For instance, the levels of cholesterol in the body should be optimum.

Go for quotes from a good number of insurance companies.

If you secure life insurance quotes from more than one insurer, it will work to your advantage. It is imperative when buying the coverage as a smoker. Considerations on the use of tobacco in the classification of insurance applicants do vary from company to company.

Consider group insurance

A group of smokers will save a lot if they go for a group life insurance. The risks will be spread over the entire group. In addition, group policies do not demand the applicants to undergo health screening.

Quit smoking

If you can, it is advisable to quit smoking for good. I know you can easily do so. If you are willing to do so, rest assured that you will benefit from lower rates. After successful quitting, it will take between 12 to 24 months before you can benefit from the non-smoker rates.

If you are a smoker, your honesty is greatly valued. You should be able to report the amount you smoke. Dishonest statements are not only unethical when it comes to life insurance, it is termed as fraud and therefore you risk rendering your policy invalid. That is not all, if you misrepresent nicotine use on the application for the life insurance, the probability of the policy being uncovered by your insurer will be very high if not 100%.