Life Insurance for Smokers

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Life Insurance for Smokers 2017-05-25T09:24:39+00:00
life insurance for smokers

In life, nothing, as they say, is certain other than death and taxes, and as morbid as a subject it may be, when it comes to our mortality, it is no use burying our heads in the sand, especially if we have family members to support who rely on you financially. We will all get our time to shuffle off of this mortal coil at some point, and sadly, some people’s time will come sooner than others.

We never know what’s around the corner, which is why buying a life insurance policy is considered to be such a smart move. Smokers, however, may find it tougher to find an affordable life insurance premium. If you’re a smoker, however, then fear not, because you can still find yourself an affordable life insurance premium, you simply need to have a little inside knowledge, which is where we come into the mix. Life insurance for smokers calls for a seasoned broker.

Why are Premiums Generally Higher for Smokers

Ok, well, we’re not here to beat about the bush, so there’s no point in sugar-coating things. The main reason why life insurance for smokers premiums is higher is the fact that statistically if you smoke, you are more likely to die prematurely or develop a chronic illness. You are more of a risk to the companies, so to cover themselves financially, they have to charge more. Despite this, however, you can find affordable premiums and rates, no matter what you smoke, and how frequently.

Is it Advisable to Quit

Concerning your health, of course, it’s always advisable to quit smoking, but we aren’t here to lecture you, we’re here to help you find the best life insurance premium rates. Obviously, if you quit before you apply, the longer you have left for, the better your deal will be. Most companies, for example, will be able to consider you for their regular non-smoking rates, after just one year.

After two years, your likelihood of being accepted on one of these plans is even better, and so on. If however, you are a smoker when you take out a policy, you may pay more, to begin with, but if you do quit in the future, your premiums will decrease more and more, the longer you stay smoke-free.

What the Underwriter Will Ask

  • Have you used a tobacco product in the last 12 months?
  • How often do you use?
  • How many per day?
  • The type of product that you use.
  • The overall health.
  • What are your height and weight?
  • Do you have any risky hobbies or profession?

How Insurance Companies Define a Smoker

When you apply for a life insurance policy, your cigarette smoking isn’t the only type of tobacco use the insurer takes into account. It is necessary to recognize that individuals who use other products containing tobacco can also be considered smokers and charged more for life insurance.
Some carriers classify you as a smoker if you use:

  • Cigar
  • Electronic cigarette
  • Marijuana 
  • Nicotine gum
  • Chewing tobacco

An insurance company may charge the same price for a person who is a recreational smoker or an individual who smokes a pack a day. The insurer bases their rates on two factors: which tobacco products you use and how long you have used them. The carrier usually classifies a person as a smoker if they have smoked or used a tobacco product in the last 12 months. Some go back as far as five years.

Should I Keep my Smoking a Secret

NO! Absolutely not. A lot of people think that they can trick the system by simply lying about their smoking habit and keeping it a secret from their insurance providers. However, if they were to die, or suffer a chronic illness (depending on their plan) whether it was smoking-related or not, medical records, autopsy reports, etc, would quickly indicate the fact that they were a smoker, which would almost certainly result in the insurance company not paying out. Giving untruthful details on a life insurance application is also considered insurance fraud, which is unlawful.

By lying about your smoking habits, you will be putting your family at financial risk, which ironically, could be why you took out your policy in the first place. The companies will always find out the truth, so make sure you are open and honest, about everything.

Should I Buy a Policy without a Medical Exam

Some smokers elect to get their policy from a carrier that does not need a medical exam. It is crucial to recognize that a no-exam policy is more expensive than the one that does need an exam. If you decide on coverage that doesn’t require a medical exam, it is best to reveal your tobacco use. Otherwise, your life insurance company might deny the claim if you pass away from tobacco-related causes.

It is advisable for those who smoke but are otherwise healthy to take a clinical exam to prove their excellent health and may be eligible for a preferred smoker’s rate.

Tips to Find the Best Life Insurance for Smokers

  • Shop around. Various companies use different underwriting guidelines to decide your costs. Receiving rates from more than one company are quite important for those who use tobacco products other than cigarettes. Several companies do not categorize people who infrequently use other tobacco products, like cigars or chewing tobacco, as people who smoke. So they may get a non-smokers rate. One company may only offer you lower rates if you have been smoking-free for over two years, but another will be okay by just 12 months. Some may even consider if you’re a moderate smoker and charge you a cheaper premium than a heavy smoker.
  • Get a policy when you are younger and in excellent health. Life insurance companies will charge you more when you impose a greater risk.
  • If you quit smoking, you could resubmit an application. Inform your insurance company if you quit smoking. They will ask you to take a medical exam to confirm whether there is still nicotine in your body. Most carriers require that you quit smoking or tobacco use for at least one year before they will contemplate reducing your premium.

10 Year Term Sample Life Insurance for Smokers Rates

10 Year Level Term Male Non-Smoker

AGE$100,000$250,000$500,000$1,000,000
20$7.17$9.62$14.07$21.29
30$7.18$9.62$14.07$21.29
40$8.37$11.71$18.20$29.06
50$14.16$23.81$41.76$74.88
60$28.63$60.13$112.83$214.36
70$89.89$172.48$319.34$609.92

10 Year Level Term Male Smoker

AGE$100,000$250,000$500,000$1,000,000
20$14.62$27.40$48.72$86
30$14.62$27.40$48.72$86
40$23.32$44.93$83.16$144.48
50$47.43$98$186.56$362.12
60$102.33$223.30$434.77$775.39
70$257$555.03$1104.09$2201.32

10 Year Level Term Female Non-Smoker

AGE$100,000$250,000$500,000$1,000,000
20$6.92$8.79$12.18$18.27
30$6.92$8.79$12.42$18.84
40$7.94$10.87$16.55$26.20
50$12.71$20.48$35.56$63.01
60$23.44$42.18$76.05$139.92
70$58.78$108.34$200.43$369.79

10 Year Level Term Female Smoker

AGE$100,000$250,000$500,000$1,000,000
20$9.83$15.44$24.80$43.50
30$11.40$19.36$32.63$59.16
40$18.62$36.03$65.36$126.28
50$36.63$78.10$144.76$263.56
60$73.44$161.67$320.76$558.63
70$157.26$337.50$641.31$1268.44

20 Year Term Sample Life Insurance for Smokers Rates

20 Year Level Term Male Non-Smoker

AGE$100,000$250,000$500,000$1,000,000
20$9.14$13.17$20.74$34.79
30$9.31$13.42$20.69$35.53
40$11.27$18.18$29.36$52.78
50$22.88$42.79$78.75$146.03
60$54.68$111.56$211.13$406.93
70$172.38$406.56$531.87$609.92

20 Year Level Term Male Smoker

AGE$100,000$250,000$500,000$1,000,000
20$15.75$30.23$54.37$102.66
30$18.36$36.76$67.43$128.76
40$34.36$70.87$130.29$248.54
50$72.66$163.02$317.68$619.96
60$166.14$378.62$742.28$1384.68
70NANANA NA

20 Year Level Term Female Non-Smoker

AGE$100,000$250,000$500,000$1,000,000
20$7.66$10$13.92$21.75
30$8.41$12.12$18.19$29.43
40$10.43$15.44$25.26$43.94
50$18.83$31.67$55.78$103.55
60$37.43$77.92$140.83$269.92
70$128.19$265.90$531.87$1016.72

20 Year Level Term Female Smoker

AGE$100,000$250,000$500,000$1,000,000
20$10.61$17.40$28.71$51.33
30$14.44$26.97$47.85$89.61
40$26.36$53.33$100.69$190.06
50$54.41$115.39$227.92$436.92
60$116.26$263.74$521.51$1017.72
70NANANANA

30 Year Term Sample Life Insurance for Smokers Rates

30 Year Level Term Male Non-Smoker

AGE$100,000$250,000$500,000$1,000,000
20$9.74$15.23$24.36$42.63
30$12.18$20.42$34.08$60.54
40$17.89$30.74$53.95$102.34
50$37.45$73.00$134.35$258.39
60$251.83NANANA
70NANANANA

30 Year Level Term Male Smoker

AGE$100,000$250,000$500,000$1,000,000
20$17.83$35.45$64.82$123.54
30$25.06$53.51$100.92$195.75
40$50.37$113.73$216.29$426.56
50$117.38$271.96$537.94$1064.30
60$251.83NANANA
70NANANANA

30 Year Level Term Female Non-Smoker

AGE$100,000$250,000$500,000$1,000,000
20$8.26$11.53$16.97$27.84
30$10.53$17.18$28.28$48.16
40$14.79$25.72$43.20$80.35
50$30.27$53.98$101.40$173.35
60$251.83NANANA
70NANANANA

30 Year Level Term Female Smoker

AGE$100,000$250,000$500,000$1,000,000
20$12.35$21.75$37.41$68.73
30$19.14$38.71$71.34$136.59
40$38.28$80.79$154.75$300.50
50$92.81$188.05$367.54$734.36
60$251.83NANANA
70NANANANA

*All rates quoted on this page are for a super-preferred healthy individual. Monthly rates are updated as of Jun 2016 and are subject to underwriting approval.*