Life insurance is one of the most important investments that you’ll make for your loved ones, but several different factors could harm your chances of getting the protection that they need. Several different factors could impact your insurance premiums, and one of those things is tobacco usage.
Smokers are going to pay at least twice as much for their insurance policy as a non-smoker is going to pay for the same coverage, but what if you’re only an occasional smoker? Maybe you only have a celebratory cigar on big occasions, how are those going to alter your life insurance and how much you pay for your policy?
It’s important that you get the best life insurance policy to fit your needs and your family needs. Finding the perfect life insurance can be a long and difficult process, but we are here to help. As an occasional smoker, there are several different factors that you’ll need to consider to get the perfect plan.
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How Smoking Impacts your Life Insurance
As everyone knows, being listed as a smoker on your life insurance application is going to cost your rates to go through the roof, but that’s for people that smoke cigarettes every day. Maybe you only have an occasional cigarette or cigar, that’s very different from a traditional smoker. With some companies, an occasional smoker is going to be lumped in with every other smoker and be given the much higher rates. With other insurance companies, you’ll still be able to secure standard rates and save money on your insurance rates.
Plenty of companies will give you excellent insurance rates, even if you occasionally smoke cigarettes or a cigar. It’s vital that you find one of the insurance companies that are going to view your occasional smoke more favorably. For some insurance companies, as long as there are less than four cigars every year, you’ll still be able to get non-smoker rates. Other companies will give you non-smoker rates if it’s less than one smoke every month, each company is going to have different limits based on their own qualifications.
One of the common questions that applicants ask about life insurance is if “vaping” or electronic cigarettes are going to force them to pay smoker’s rates. If you occasionally smoke e-cigs, it also depends on the life insurance company that you choose to buy insurance through. Similar to other forms of tobacco, these electronic cigarettes are going to be viewed differently depending on which company that you choose. Some life insurance companies are going to give you non-smokers rates, regardless of how often you smoke e-cigs, while others automatically give you smoker’s rates.
Getting Affordable Coverage
Tobacco usage is one of the most important factors used when calculating what your insurance premiums are going to be for your coverage, but it’s not the only factor. There are several things that you can improve to secure the lowest rates for your plan.
The first thing that you can do is improve your health. Even as a non-smoker, more than likely there are several ways that you can improve your overall health. You should do this through a healthy diet and regular exercise. Both of these can help lower your blood pressure, lower your heart rate, lower your cholesterol, and much more. A diet and exercise are not only going to lower your insurance premiums but will also make your doctor happy. Though if you are at the point where you will not qualify for a medically underwritten life insurance policy, there are other options out there such as a no exam life insurance policy, though this will come with a higher premium.
Another way that you can get lower insurance rates is to cut out any dangerous hobbies that you enjoy. This could be things like skydiving or rock climbing. The insurance company is going to use any hobbies that you have, to calculate how much of a risk you are to insure for coverage. Some of your hobbies could make you a high-risk applicant, which means they will offset that risk by charging you more for insurance.
Maybe you have other health conditions such as bipolar disorder and wondering if you would qualify for life insurance. We can answer what questions you have concerning this and help you to obtain the coverage you deserve.
As we mentioned earlier, it’s vital that you find an insurance company that isn’t going to automatically lump you in with the smoker’s rates, which can double the cost of your plan. Because there are thousands and thousands of different insurance companies on the market, it can be difficult and time-consuming to find the perfect life insurance plan for you and your plan.
Instead of wasting hours and hours on the phone talking to different agents, you can contact one of our independent insurance agents, and they will do all of the work for you. We represent dozens of highly-rated companies across the United States. Our agents have years of experiencing working with these companies and know which ones allow occasional smokers to get the best rates.
How much Life Insurance do you need?
Before you apply for life insurance, you’ll need to calculate how much insurance you need to protect your family. There are dozens of different factors that you need to account for when you’re looking to get the perfect amount of insurance.
The first number that you’ll need to calculate is your debts and final expenses that you would leave behind to your loved ones. If you were to pass away, your family members would be left with all of your unpaid expenses, which can quickly add up to thousands and thousands of dollars and will make the situation much more challenging. Add up your mortgage payment, student loans, and every other bills that they would be responsible for, and make sure that your coverage is large enough to pay for all of those expenses.
The next factor that you’ll need to account for is your salary. The secondary goal of your life insurance is to replace any income if you were to pass away. If you’re one of the main income earners in your household, they will suffer financially if you were to pass away. A life insurance plan will give them the money that they need to pay for basic expenses without sacrificing their standard of living.
The Types of Life Insurance
Aside from calculating how much insurance that you need for your loved ones, you’ll also want to pick the right type of insurance policy. There are several different kinds that you can choose from, but the two main types of term life insurance and whole life insurance. Each of them has their advantages and disadvantages that you’ll need to weigh before you pick then plan that fits your needs the best.
With a term life insurance, the plans are only effective for a particular time. When you purchase the plan, it comes with an expiration date, they are sold in a variety of different lengths, normally ten years, 20 years, and 30 years. These plans are a great way to give your family the protection they need because they tend to be the most affordable option for life insurance. You can purchase one of the policies that matches the length of your mortgage loan, which is a great way to prevent your family from being stuck with the payments.
The other type of policy is a whole life insurance plan. With a whole life insurance plan, these plans will give you permanent insurance. You won’t have to worry about losing coverage in the future. As long as you continue to pay the premiums for the plan, you’ll have coverage. There are several advantages to these plans, one of them is that there is a cash value component inside of the plan that continues to accumulate the longer that you pay premiums.
Inside of both term and whole life insurance types, there are also a variety of subtypes that have unique qualities that impact your coverage. Because every person is different, everyone has different life insurance needs. There is no “perfect” plan for everyone, you’ll have to view your insurance needs based on your specific situation.
Life Insurance for the Occasional Smoker
Life insurance is one of the most important investments that you’ll ever make for your loved ones. Because it’s so important, it’s vital that you make the best decision for you and your family. If you have any questions about your life insurance needs or the different options available to you, please contact one of our agents today and we will be happy to answer these issues today and ensure that you’re getting the best coverage available.
As independent insurance agents, we are dedicated to giving you the best insurance coverage available to you. We know the importance of life insurance and how difficult the process can be, but we are here to help make it as quick and simple as possible. Don’t wait any longer to get the coverage that your family deserves.