Smokers Life Insurance – Its is possible to get affordable coverage?


Smokers Life Insurance Premiums

Best smokers life insurance rates availableSome cigarette smokers feel that they won’t be able to get affordable smokers life insurance coverage because they are considered to be in the higher risk life insurance class. Determining the difference between a smoker and  a non-smoker is the initial way that life insurance carriers differentiate their rates.

Depending on your health history and the type of policy that you’re considering,  smokers life insurance can be an affordable solution that helps protect your beneficiaries in the event you pass away.

In fact, even more affordable coverage solutions are available for those who only smoke cigars rarely or for those people who have smoked in the past but have quit.

NOTE*  Typically at the beginning of the quote or application process, a carrier will list information for you to share about your tobacco usage.

If you use cigarettes very rarely, or smoke cigars once a month or less, you might be able to qualify for nontobacco rates.

These nontobacco rates are also usually available for those using electronic cigarettes, marijuana users, or tobacco chewers. Depending on your habit, affordable smokers life insurance coverage solutions are available.

Low Smokers Life Insurance Premiums


Types of Smokers Life Insurance Coverage

Most smokers will elect to have term life, whole life, or universal life coverage.

  • Term life insurance will provide you coverage for a predetermined length of time, such as 10 or 20 years.
  • As long as the policy is paid and doesn’t lapse during this period, your beneficiaries would receive a payout of the lump sum if you were to pass away.

A whole life insurance policy offers:

  • Lifelong protection
  • Generally designed to have dividends coming from the life insurance carrier
  • Those dividends can be used to purchase what’s known as paid-up additions, which increase the death benefit on the policy as the dividends increase the account value.

Universal life policy:

  • Also extends coverage for the lifetime of the individual, but does not pay dividends.
  • Depending on the policy you elect, cash value accumulation can feature into a universal life insurance policy.

For most smokers, term life insurance is going to be the most affordable option for smokers life insurance. In general, whole life and universal life policies have higher premiums because of the additional features in those policies.

With a term policy, you’ll also be eligible to convert your coverage into whole or universal life insurance during a specific period within the policy, so you can always change your mind later if you feel that you should upgrade to a longer-term product. Of course, this upgrade will involve some extra premium dollars, but it is typically cheaper than what you might pay to let your term policy expire in exchange for taking on a whole policy. Locking in coverage at younger ages and with minimal health issues is one way to get the best life insurance premium rates possible.

What If I Have To Take Smokers Life Insurance?

Even if you are classified as a smoker, smoker life insurance rates may look high. But don’t give up hope that you won’t be able to get coverage. In fact, many life insurance carriers are friendly towards smokers if the person’s other health factors demonstrate overall well-being.

Some tips:

  • For most carriers, they want to see two years of successful quitting before they’ll consider offering nonsmoker rates.
  • Only attempt to get a nonsmoker rate if you’re sure that you have really quit for good. If the carrier determines that you have lied, your insurance policy will be declined.
  • If you already have a policy and you’re able to stop smoking, after you’ve cut the habit for a year or more, contact your agent to discuss your options for getting better rates. If you think you can kick the habit, it might be worth it to experience immediate savings in your life insurance premium payments.

Find The Best Possible Smokers Life Insurance Rates

If you think that some lifestyle changes might influence your life insurance rates, it’s worth investing in those a year or two before you seek your policy.

For example, losing 10 to 20 pounds can bump some people into a higher rate class, but carriers want to see that the weight was kept off for a year or more in order to award you the better rate. It’s also likely that if you have some problems related to being overweight, such as diabetes or blood pressure complications, losing weight can reduce the lab work results that can signal problems for carrier underwriters.

If you have a chronic problems, such as high cholesterol, develop a treatment plan with your doctor to help bring some of your numbers down. Some of these health issues are not as much of a concern if they are well-controlled over time, so aim to get the best possible results and maintain them for 12 months or longer. Simply taking a little bit of time to invest in your health can significantly reduce the cost of your life insurance policy. Many carriers offer what’s known as “fit credits” that give you a break on premiums if you meet other positive health criteria.

As a smoker, it’s very important you shop around for smokers life insurance rates.

  • Working with a licensed agent will help you in the process of obtaining life insurance tremendously
  • Agents typically have years of experience in finding coverage solutions for all types of clients
  • Your agent will be able to advise you about the companies with the most friendly attitudes towards smokers life insurance
  • Working directly with an agent can relieve a lot of headaches for you and cut the guesswork out of the equation

Don’t end up with a policy that costs too much- choose instead to work with an agent and find the best possible solution for your needs today.  To learn about how to quit smoking check out this article by the Mayo Clinic.

About Speights Risk Management

Speights Risk Management is a family Life Insurance Agency that has been helping families and businesses for over 40 years. Questions? Contact us at 401-884-4600.

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