Finding affordable life insurance for smokers is a common problem for many consumers. It is, however, not impossible. Take 4 minutes to read this article and you’re well on your way to securing the cheapest life insurance rates as a smoker.
Why Smoker Life Insurance Rates Are Higher
Smokers who are not aware of the added cost for this habit often ask: “Why is my life insurance so much more expensive than so and so?” Here’s why:
Life insurance companies not only look at the health of a person, but also their personal habits. So a person that is in good health and does not smoke will get very low life insurance rates because the chance of them passing away is relatively low. While a person who smokes will have a much higher premium because statistics show that smokers have a greater chance of lung cancer and other diseases, and thus, have a better chance of dying before the term of their policy expires. This means that the company will put you into a smokers life insurance category instead of a standard one.
With that said, smoker life insurance rates are higher due to the increased risk that the insurance company takes.
In fact, smokers life insurance rates are typically double those of non-smokers with every life insurance company on the market. However, this does not mean it is impossible to find affordable life insurance for smokers.
The Best Smokers Life Insurance Companies
Finding the best life insurance company for your smoking risk depends on a lot of factors.
If you chew, dip or use any smokeless tobacco products, you can get rid of the smokers life insurance for NON-SMOKER rates and cut your life insurance premiums in half! Same thing for cigar smokers – non-smoker rates are available if you use the right company. There are only a few companies that do this, so it’s important that you speak with an independent life insurance agent who can compare these companies.
Also, many consumers tell us they quit smoking recently. However every life insurance company will still give you their smoker life insurance insurance rates if it’s been less than 1 year since you quit. If it’s been more than 1 year since you quit smoking, you can secure non-smoker rates with several companies. Keep in mind, many life insurance companies require 2 years of non-smoking to secure their non-smoker rates.
So the most affordable life insurance for smokers will fluctuate based on YOUR unique smoking risk. Don’t let anyone tell you there is a “best” life insurance companies for smokers. It’s a big misconception.
Affordable Life Insurance for Smokers
The key to finding affordable life insurance for smokers is knowing the least expensive type of insurance and using an independent agent who can find the lowest life insurance rates on the market.
For any demographic the cheapest form of insurance is term life insurance. You pay a guaranteed level monthly premium and receive coverage in exchange. If you stop paying, you lose coverage. There is no investment or cash value, just insurance and that’s why it’s so affordable. If you are interested in other forms of life insurance go to our page for types of life insurance HERE.
Now that we’ve established term life insurance as the most affordable life insurance for smokers, you want to factor in any other health or lifestyle issues, besides your smoking. That’s where a truly independent life insurance agent comes in. We look at your overall risk and survey all the top rated carriers to see who will offer you the most affordable life insurance rates factoring in your entire risk.
The key in finding the most affordable life insurance for smokers is to find the life insurance company that will look most favorably at your situation. Each life insurance company will look at your health and lifestyle differently, at termlife360 we’ll find the best life insurance for your smoking and overall health risk.
On top of using term life insurance and using the right life insurance company, many people adjust their term length and coverage amount to get the cheap life insurance they are looking for. We’ll work with you to secure life insurance within your budget.
We understand that budget is the most important thing, especially because smokers life insurance rates are higher. We look forward to the opportunity of earning your business and securing coverage for your family. Remember, affordable life insurance for smokers is available, IF you use the right life insurance company.