Cheap Life Insurance For Smokers

Smokers applying for life insurance are often looking for the best rates, and may be surprised to find out cheap life insurance for smokers may be harder than they thought to obtain. One of the first questions you will be asked when applying for life insurance is whether you are a smoker, or a non-smoker. Many people do not take into account how they answer this question will have a significant impact on how much they will pay for their life insurance premiums.

And don’t be tempted to omit telling the life insurance company about smoking because they will most likely find nicotine traces through your blood and/or urine. If for some reason they don’t find it in the application process, they could choose to not pay your proceeds if you they found you were not truthful during the application process. Your best bet is to be completely honest, and just do some searching in order to find cheap life insurance for smokers.

Why It’s Harder To Find Cheap Life Insurance For Smokers

The majority of people today are aware of the negative health effects of smoking. It is no doubt smoking can cause multiple health issues ranging from COPD to lung cancer. This why it can be challenging to obtain cheap life insurance for smokers.

According to Medical News Today, “a 30-year-old smoker can expect to live about 35 more years, whereas a 30-year-old nonsmoker can expect to live 53 more years”.

When you do the math this comes out to the smoker living until about age 65, and the non-smoker living until about 83. Wow, what a significant difference. Just through looking at these statistics it is quite evidence why cheap life insurance for smokers is becoming harder to find.

But what does this mean for your life insurance rates? Life insurance premiums are based on statistics which calculate how long on average they expect you to live. Those who life insurance companies predict will live a shorter period of time will pay higher premiums than those people who they predict will live a longer, healthier life. Individuals who are smokers pose a greater risk of not living longer to the insurance company and the way they offset this risk is by charging smokers a higher premium. We like to refer to this as the “smokers tax”.

Different Types Of Smoking Means Different Rates

The most common form of smoking is through cigarettes, but there are many different types of smoking, some of which are viewed by life insurance companies differently than cigarettes. If you only smoke something other than cigarettes than you may want to re-evaluate paying the “smokers tax”. When it comes to life insurance rates for cigar smokers, marijuana users, and vapers you may be able to get preferred rates for cheap life insurance for smokers when you apply with the right company.

Cigar Smokers

When it comes to cigars and life insurance many people settle for the smoker rating because they don’t know they have any other options. However, with the right carrier you can even qualify for the best non-smoker ratings in the industry. Much of this is based upon the frequency in which you smoke cigars, but if you only smoke the occasional stogie.

Marijuana Users

One of the most debatable topics in the U.S. is marijuana use, and life insurance companies are currently trying to figure out how to rate marijuana users. Much of the industry has decided to charge smoker premiums for those using marijuana. However, some companies we have access to will be able to give you non-smoker rates even if you smoke marijuana. Much like cigar smoking, it can be based on the amount of times you use marijuana.

Vaping and E-Cigarettes

The fastest growing industry in the smoking world is vaping and e-cigarette users. This method of obtaining nicotine is also in its beginning stages much like the data available on marijuana users. Many companies in the industry still qualify using these as smoking and will hit you with the smokers tax, but we do have access to one company who will give you the best non-smoker rates available. We have had success getting vape users preferred non-smoker rates through this specific company.

Applying For Life Insurance As A Smoker

If you don’t fit into one of the three categories above, than you may have to pay the smoker life insurance premiums. That’s still not a bad thing, because life insurance is still a necessity which allows you to leverage your money to create a tax free benefit to your loved one’s. When you weigh out the smoker premiums they still make life insurance a no-brainer. Life insurance allows you to protect your family in the event you aren’t there to provide for them financially. This is protection which is important whether you are a smoker or not.

In order to view the most competitive premiums in the industry, you can use our online life insurance quoting tool. With just a small bit of information you be viewing quotes from over 50 carriers in a matter of minutes. If you are a smoker you just check yes, if not just check no.

If you are considering applying for a smoker term life insurance policy there are some important factors which you must consider. An average smoker will generally pay a higher life insurance premium than an average non-smoker. This is due to many factors, but the most overwhelming is life expectancy.

Life Insurance Ratings Issued to Smokers

Many people who smoke are often aggravated about the higher cost which they must bear when applying for a smoker term life insurance policy.  There are multiple reasons which cause life insurance companies to charge a higher premium for smokers. Life insurance companies look at a few things when deciding what rating to give an individual, including health, age, and lifestyle (such as smoking). A person who does not use tobacco, on average will outlive someone who does use tobacco. They have a higher chance of developing a lung disorder or suffering from a heart attack. Insurance companies have statistics on life expectancy which they use to come to this conclusion. Because of the higher risk of an earlier death, the insurance company commands a higher premium for taking on risk.

They raise a smokers premium on term life insurance by assigning a higher risk rating, which is often referred to as a standard smoker rating. The higher amount a smoker must pay depends on several factors such as the applicants age and any other health conditions which exist. It is usually possible to get a smoker term life insurance policy, but it often comes with a higher price tag.

Separate Companies Have Different Ratings

Just like any condition, different life insurance companies specialize insuring certain risk categories. It is important to shop your rate among different carriers, since it is possible you will find one or two companies which will issue you at a better rating. It is also important to understand different types of smoking is also treated differently in the eyes of the certain insurance companies.

Depending on whether you smoke a tobacco pipe, cigars, or marijuana makes a difference in what company you apply for a smoker term life insurance policy with.

If you have quit smoking recently it is important you make the life insurance company aware. If it has been a year since you quit smoking, you may be able to still get the same rates a non-smoker. Some companies have different time tables on how long before you can go back through underwriting to try and get a better life insurance rating.

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