Applying for life insurance can entail a lot of different variables that all must be put into place. Often, people will have many questions as they go through the process – so they want to ensure that they’re making the right decision about coverage and the carrier that they’re choosing.
Likewise, the insurance companies will also want to know about you, the applicant. Some of the main factors that will determine whether you will qualify for coverage will include your age, health, and family health history. The insurance company will also want to know if you’re a smoker. If so, this can greatly affect the premium price that you pay for coverage. In many cases, and especially based on the carrier that you choose, you may be able to find that rates can still be very affordable. That is why it is so important to know which companies view smokers in the most favorable light.
The Best Life insurance Companies for Smokers
Transamerica Life Insurance Company
Transamerica Life Insurance Company is one of the world’s leading insurance and financial services companies. This company provides insurance and investments to over 19 million customers around the world. The firm has been in the business of offering insurance and financial advice for more than 100 years.
Today, Transamerica offers a wide variety of life insurance products, including the following types of coverage:
- Term Life Insurance – Transamerica’s term life insurance products offer a number of different variations to choose from. This “pure death benefit protection” product can provide policyholders with an affordable rate in order to obtain an ample amount of death benefit for survivors.
- Whole Life Insurance – Transamerica also offers a whole life insurance product that provides both death benefit protection, along with tax-deferred cash value build up. Provided that the premium continues to be paid, coverage will remain in force throughout the remainder of the insured’s life.
- Universal Life Insurance – Universal life insurance is also considered to be a type of permanent life insurance protection. It, too, offers death benefit protection and cash value build up. However, with universal life insurance, or UL, the policyholder is afforded a great deal more flexibility because he or she can change the amount of the premium, as well as other things too, such as how much of that premium will go towards the life insurance protection and how much will go towards the cash value at any given time.
- Variable Universal Life Insurance – Variable universal life insurance is considered to be a type of permanent life insurance. This product offers both a death benefit, along with an underlying investment component that is flexible for the policyholder.
- Accidental Death – With accidental death coverage, policyholders can add additional benefit coverage to their policies if they pass away in a covered accident.
New York Life Insurance Company
New York Life Insurance Company has been in business for more than 170 years. The company has great ratings, and it offers many life insurance products – including term life, whole life, universal life, and variable life. In addition, all of the industry-standard life insurance coverage options are provided, including a cash surrender option that will return a policy holder’s balance following a cancellation, and a survivorship policy option that will extend coverage to a second party.
There are other policy options as well, including one for a return of premium, as well as a term conversion option that allows the company’s term life insurance policyholders with additional flexibility as their policy ages.
Ohio National Life Assurance Corporation
Ohio National Life Assurance has been in business for over 100 years. The company offers several different types of life insurance options, including term life, whole life, universal life, and variable universal life insurance. As a leading provider of life insurance, the company is known for offering excellent policyholder value, as well as for its wide variety of products.
American General Life Insurance Company
American General Life Insurance Company was established in 1960. However, even though it is a relatively new company in terms of life insurers, it still ranks as one of the top life insurance carriers in North America. The firm has customer service centers across the country to help in serving their producers, as well as the company’s customers.
American General offers a number of different life insurance products to choose from, including burial life insurance, permanent life insurance – including whole life insurance, universal life insurance, and variable universal life insurance, term life insurance, and survivorship life insurance. The company also offers options for no medical exam policies. Also, group life insurance policy options are also available for businesses that are providing life insurance coverage for their employees.
Pacific Life Insurance Company
Pacific Life Insurance Company has been in business for nearly 150 years. The company offers a wide variety of different life insurance products, including term life insurance (Pacific PRIME Term), several versions of universal life (Versa Flex PRO ll, Pacific Estate Preserver lll, Versa Flex NLG, and Pacific Prime UL-NLG), and a number of Indexed Universal Life insurance products (Pacific Indexed Accumulator 4, Pacific Indexed Performer LT, Pacific Prime IUL, and Indexed Pacific Estate Preserver).
How to Look for Life Insurance If You’re a Smoker
When you’re a smoker, you are likely aware that you may be charged up to three times more for the premium that you pay for life insurance coverage. Yet, depending on the carrier that you choose to go with – as well as your other health and medical factors – you could be able to get the price of your coverage down to a much more affordable number.
When applying for life insurance coverage, the application that you fill out will typically include many questions regarding your age, height and weight, health history, health conditions, occupation, income, family health history, hobbies, and other potential risk factors. From the information that you provide on the application, the life insurance underwriters are trying to determine how much of a risk you may present to the insurance carrier in terms of the potential for paying out a claim.
In addition to the answers on the application, the insurance company will also likely require that you submit to a paramedical exam. This will usually consist of providing a blood and urine sample that can be tested for various types of other health conditions.
If an applicant come out to have an “average” health in terms of most other policyholders, then he or she will typically be deemed as a Standard policyholder. This means that they will be charged an average premium rate for their coverage.
If, however, they have a slight health condition, then they will usually still be offered a policy. However, it may be at as Substandard policyholder. This means that they will pay more in premium cost for their life insurance coverage.
Conversely, if an applicant is in excellent health – and if they have an excellent family health history – then they may be deemed as a Preferred policyholder. This means – in most cases – that they will be charged less in premium for their life insurance coverage.
Within the Standard, Substandard, and Preferred rating categories, many insurance companies will also have additional “sub” categories that their policyholders may fall into. However, while all insurance companies will typically have certain procedures for testing smokers, not all will be identical in how they come up with their conclusion. Therefore, whereas some insurers may rate an applicant as a substandard in terms of coverage and premium price, others may rate the very same individual as a standard. Therefore, it is often best to apply to more than just one carrier to determine where you will get the best rate.
Additional Considerations For Smokers Applying for Life Insurance Coverage
No matter how much you smoke, if you do participate in this type of activity, it is important that you let the insurance company know this when filling out the application for coverage. This is because if you do not let the insurer know you are a smoker – and you, in fact, are – then you could it could be deemed as insurance fraud. And, should this information be found out within the first two years that your policy is in force, then it is possible that the death benefits from your policy could be denied to your beneficiary should there be a claim.
If you are a smoker, however, and you do wish to bring down the amount of your life insurance premium cost; there are some things that you can do. These include:
- Stop smoking. Certainly, one way to bring down the cost of your policy is to stop smoking altogether. It is important to note here, though, that in most cases, you will have to have stopped smoking for a minimum of two years before the premium may be reduced. If this is the case, however, the reduction in your premium rate could be substantial.
- Stop chewing tobacco. You don’t just have to smoke cigarettes or cigars to be considered a smoker. So, if you chew tobacco, you should cease doing this, as well. If you do, though, the drop in your life insurance premium rates can also be quite significant. You could also consider switching your life insurance policy over to an insurance company that separates out the smoker’s rates by the different types of tobacco products, such as cigarettes, chewing tobacco, and e-cigs.
- Work with a broker versus a captive agent. Brokers who work with multiple insurance carriers have access to more than just one underwriters’ criteria – which can help to provide you with a choice. Working with just one agent who is tied to just one insurance company, on the other hand, can mean that you are stuck with what every premium and underwriting decision that they give to you.
How and Where to Find Life Insurance Quotes for Smokers
If you or someone you love is a smoker and you are seeking a life insurance quote, one of the best ways of going about obtaining information quickly, easily, and conveniently is to work with a company or an agency that has access to more than just one life insurer. That way, you will be able to directly compare life insurance policies, benefits, and premium prices in an unbiased manner. When doing so, we can help.
We work with many of the best life insurance companies in the marketplace today – and we can assist you in obtaining all of the details that you require to make a much more informed purchase decision. For example, we can walk you through getting the answers to questions such as:
- What type of insurance is better for your situation, term or permanent?
- How much protection do you need for your specific situation?
- Which life insurance carrier will be right for your individual needs?
When you’re ready to start the comparison process, we make it easy – all you need to do is use the form on this page. And, should you discover that you have any additional questions along the way regarding which life insurance for smokers – or even about life insurance in general – our experts are here to help.
We will be happy to answer any of the questions that you may have about life insurance – as we want to ensure that you have all of the answers that you need prior to moving forward. You can reach us by phone, toll-free, by calling 888-229-7522
The purchase of life insurance can be a big decision – and there are lots of variables that need to be put into place. We know that you want to make the best decision possible – so contact us today, we’re here to help.
Perhaps you’re concerned because of a health condition such as someone needing life insurance with lupus; we can help with this as well.