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Smokers Life Insurance
A look at the impact that smoking has on life insurance rates. We can help you find the lowest cost life insurance.
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If you smoke or have previously smoked, you may think that you do not qualify for life insurance. Though some forms of tobacco use can significantly impact the underwriting process, it is still possible to obtain life insurance for smokers. Understanding how each insurance carrier defines smokers or tobacco users is essential when comparing life insurance quotes for smokers. Our experience and understanding of how each insurance company looks at the use of tobacco, will help you obtain the life insurance coverage at the best rate.
Life Insurance for Smokers: Definition of Smoker
Insurance companies establish certain guidelines for the “smoker” definition, with some being more lenient than others. For example, if you chew tobacco or occasionally smoke a cigar, some insurance carriers would consider you a non-smoker. In turn, this “non-smoker” classification can lead to a better rating and lower premiums.
However, in most cases, insurance carriers would consider you a smoker if you:
- Have smoked cigarettes or cigars in the past 12 months
- Chew tobacco
- Use nicotine patches or gum
The Underwriting Process for Smokers Life Insurance
Term life insurance for smokers differs greatly than life insurance for non-smokers. If you qualify for life insurance coverage, premium rates are typically much higher for smokers than for non-smokers.
Consider the following example:
A healthy, non-smoking 40-year-old woman applying for a $500,000 life insurance policy could pay a monthly premium as low as $17.36. On the other hand, an otherwise healthy 40-year-old woman who smokes would pay about $61.41 for the same policy.
Additionally, the underwriting process for life insurance for smokers looks well beyond the fact that a person is a smoker or non-smoker. Underwriters consider the increased likelihood of developing diseases as the smoker becomes older. Over time, the chances of developing smoking-related conditions such as lung, throat or pancreatic cancer significantly increase. Because these conditions are more likely to develop over a smoker’s lifetime, obtaining life insurance once diagnosed becomes more difficult and expensive. In fact, premium rates for smokers with health-related illnesses may be as high as 1000% more than those for non-smokers.
Life Insurance for Smokers: Benefits of Cessation
Individuals who quit smoking increase their chances of obtaining more affordable life insurance. Rather than seeking life insurance for smokers, they can possibly qualify as non-smokers. Many people find it surprising that a lot of carriers would consider you a “non-smoker” in as little as 12 months after cessation. This change in such a short amount of time may actually qualify you for standard non-smoker rates. Plus, the longer you remain a “quitter,” the better your rates can become. Three to five years following cessation, you may qualify for preferred non-smoker rates. Five or more years after quitting, you may even qualify for a preferred plus rating. Therefore, in addition to obvious health benefits, quitting the use of tobacco products can significantly decrease the premiums for life insurance policies.
Furthermore, if you have developed a health condition since cessation, first talk with an experienced life insurance agent before cancelling or changing your life insurance policy. It may be best to wait until your condition is addressed and treated by medical professionals before switching plans.
Companies that Specialize in Smokers Life Insurance
Some insurance carriers that specialize in life insurance for smokers include Prudential, Mutual of Omaha, American General Life, Lincoln Financial Life, American National, Aviva Life, John Hancock, Banner Life, The Hartford, Transamerica, Lincoln Benefit, West Coast Life, MetLife, and Genworth Life.
For More Information
For more information, please contact us at 888-564-7662 . Our agents have over 25 years of experience working with Florida life insurance Companies, and know which companies have offer better rates for smokers.