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Smoking not only affects your health in the long run, but it also raises your life insurance rates. Your premiums will be 2 to 3 times higher compared to a nonsmoker, unless you decide to quit smoking and reapply after you’ve been tobacco-free for a year.
Yes, but you’ll likely pay much higher premiums. When you apply for coverage, your insurer will ask questions to figure out whether to classify you as a smoker or nonsmoker. It doesn’t matter if you smoke socially or all the time — if you use tobacco, you’ll be categorized as a smoker under underwriting guidelines.
Yes, the frequency with which you smoke has a direct affect on your premiums. As a smoker, you’re not eligible for any insurer’s preferred rating classes. Your insurer will put you in one of two rating classes based on how often you smoke:
The best policy comes down to your needs or budget. These are your options:
Since smokers are seen as high-risk, they can expect to pay more for coverage. Generally, smoker’s rates can be two or three times higher than the standard rate — but some insurers are more lenient than others.
When determining your rate, your insurer will look at the following factors:
There’s a distinct difference when it comes to the price of life insurance premiums for a smoker or nonsmoker. For example, here’s what monthly premiums could cost for a male buying a 20 year term policy with $500,000 worth of coverage:
Age | Smoker | Nonsmoker |
---|---|---|
40 | $118.98 | $31.06 |
45 | $172.69 | $66.06 |
50 | $257.00 | $99.85 |
55 | $423.04 | $157.06 |
*Sample quotes provided by Quotacy
Smoking is associated with health risks and complications, so insurers charge more for coverage because there’s a higher chance they’ll need to pay out your policy. These are some of the stats to support that logic:
However, if you put down the cigarettes for good by the time you’re 40 years old, you can decrease the risk of dying from diseases related to smoking by nearly 90%.
It depends on your insurer and where you live. Marijuana isn’t legal on the federal level, but it is legal in many states across the US. Because of that, some insurance companies have become much more lax with applicants who smoke weed medicinally. But if you’re a recreational pot smoker, you may be deemed as a high-risk applicant.
Here are some steps you can take to lower your premium.
You can still get life insurance if you’re a smoker — but you can expect to pay a lot more for coverage. To get the best possible rate, compare life insurance companies and consider working with an agent or broker who specializing in high-risk applicants.
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Two permanent life insurance policies that provide lifelong coverage, though variable life is a riskier investment option than whole life.
Most working Americans pay around $1,489 in premiums each year. Compare costs now.
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