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How Much More Is Life Insurance If You Smoke?

When a person applies for life insurance, there are a number of different components that will ultimately go into the amount of the policy’s premium. Some of the primary drivers of premium price include the age and health condition of the applicant, as well as the amount of the death benefit that he or she is applying for.

In addition, the type of life insurance coverage will also make a difference. For example, those who apply for term life insurance will typically pay less for coverage than those who purchase permanent coverage because term life insurance is simply pure death benefit protection without any type of cash value build up or other “bells and whistles.”

Along with these items, though, one of the biggest criteria that goes into pricing a life insurance policy will be whether the applicant for coverage is a smoker or a non-smoker. In fact, in some cases, this factor can oftentimes be one of the most important aspects of pricing in the policy.

When you’re shopping for life insurance coverage, it’s important that you’re getting the most affordable life insurance plan. One of the most common reasons that people don’t but life insurance is because they think that it’s too expensive to fit in their budget. In most cases, that couldn’t be further from the truth. There are several ways that you can lower your insurance premiums and keep more money in your pockets.

How Much Will Smoking Affect the Price of Life Insurance Coverage?

higher rates on life insuranceWhile many people realize that smoking can raise the price of life insurance coverage, they may not know just how much. Regardless of whether you are male or female, young or old, if you are a smoker, you can expect to pay much more for your life insurance coverage than someone who is a non-smoker.

In many cases, those who are in their twenties and thirties, the premiums for a smoker can be approximately double the amount of those of a non-smoker. However, as one gets older – because of the more drastic effect on one’s life expectancy – life insurance rates can be between four and five times higher for smokers for those who are in their 50s and 60s. This is a considerable difference in price.

Why Smoking Has Such a Big Effect

Before accepting an applicant for coverage, a life insurance company wants to ensure that it is taking on an acceptable risk. This means that the insurer does not want to have to pay out a costly claim soon after accepting the individual for coverage.

Because smoking causes health – and ultimately, life expectancy – issues, it has an effect on life insurance premiums. Just some of the ways in which smoking can affect a person’s health include the fact that it is closely tied to the following serious issues:

  • Heart disease
  • Cancer (primarily lung cancer)
  • Hypertension
  • COPD
  • Stroke
  • Emphysema
  • Other types of respiratory illnesses and complications

In addition, smoking has also been linked as being a contributing factor in osteoporosis, as well as certain types of complications during pregnancy in women. With all of this in mind, as well as with the higher mortality rates that many of these conditions can carry, it is much easier to see why life insurance companies charge higher premium rates to smokers than to those who do not smoke.

Will the Insurance Company Know If You Smoke?

In some instances, applicants may wonder whether or not the insurance company will know whether or not they smoke. The answer to this is that the insurer most likely will know. This is because, in most cases, life insurance policies that are traditionally underwritten will require that an applicant submit a blood and urine sample. These samples are analyzed by the insurance company – with one of the tests being for nicotine.

For those who do not answer truthfully on their application for coverage, not providing this information could end up hurting their survivors financially in the long run. This is because if the insured dies within the first two years of owning the policy, the insurance company could opt not to pay out the death benefit. This could be a devastating consequence to those who were counting on these funds – and well worth paying the extra amount of premium for being a smoker.

How much Life Insurance do you Need?

One of the most important things that you should decide is how much life insurance you will need. Not having enough life insurance coverage is one of the worst mistakes that you could ever make. If your plan is too small, your family would be responsible for some left over expenses that they don’t have the money to cover. There are several key categories that you should account for to ensure that you’ve got enough life insurance protection.

The first number that you should crunch is your debts and expenses that would be passed on to your family members if something were to happen to you. The first purpose of your life insurance policy is to give your family the money that they would need to pay off any debts that you have. If you didn’t have life insurance coverage, then your family would be left with a mountain of debt and no money to pay off those bills.

The next number that you need to look at is your annual income. The secondary goal of your life insurance plan is to give your family the money that they need to replace your income. If you’re one of the main income earners in your home, they would struggle to pay for any necessary expenses without that income. Your life insurance plan needs to be large enough to replace your income and give your family the money that they need to replace that paycheck every month.

Getting Lower Insurance Premiums

There are several ways that you can get lower insurance rates, even as a smoker. Making a few simple lifestyle changes could save you thousands of dollars every year on your insurance protection. Just because you’re a smoker doesn’t mean that your life insurance plan has to break your bank every month.

One way to save money is to improve your overall health. Before you apply for life insurance, the company is going to require that you take a medical exam. The results of the medical exam are going to play an important role in how much you pay every month for your insurance coverage. If you want to save money every month, it’s important that you get the best medical exam results possible. There are a couple of different ways that you can get better rates and save money. The two best ways are to start getting regular exercise and making healthy dietary options. Both of these are going to help you lose weight, lower your blood pressure, and reduce your chances of getting diagnosed with health problems. If you’re overweight, then you’re going to pay around 50% more for your insurance plan versus what you would pay for the same plan if you were in a healthy weight range.

Another way that you can save money is by slowing down on your way to work every morning. When you apply for life insurance coverage, the company is going to look at your DMV records. If you have a driving accident on your records, then you then you’re going to be considered a high-risk applicant. That means you’re going to be facing much higher rates.

Where to Find the Best Life Insurance Rates

If you are seeking the best smokers rates on life insurance, we can help. We work with many of the top life insurance companies in the industry today, and we can get you all of the information that you need quickly and conveniently – right from your computer, and without ever having to meet in person with a life insurance agent. When you are ready to get the process started, just simply use the form on this page.

Should you have any questions at all regarding life insurance coverage for smokers, or about obtaining premium rates, please feel free to contact us directly. Our experts can assist you with any concerns or needs that you may have. You can reach us via phone, toll-free, by calling 888-229-7522. We understand that shopping for life insurance can sometimes seem overwhelming. That’s why we’re here to help. Contact us today – we’ll get you the coverage that you need to protect the ones that you love.

You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the insurance coverage that your family deserves. If something tragic were to happen to you, and you didn’t’ have life insurance coverage, your family would struggle financially as well as emotionally. Don’t wait another day to get the best insurance plan for you.

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