Most people know life insurance for smokers is more expensive than those for non-smokers, but there are companies who are still willing to offer much lower rates than others. There are even companies who will issue coverage for alternative tobacco products.
If you smoke, and you want life insurance, we can help.
Finding the best price for life insurance is extremely simple with our process, and buying it is just as easy.
Life Insurance For Smokers
Smoking can cause long term health risks, so when you’re applying for life insurance, the insurer takes this into account when calculating your premiums. For the younger age groups, smoking may cause as little as 20% increases in premium, but the increase can be 150% or more for someone who isn’t young and healthy.
Life expectancy decreases with major health concerns, and, unfortunately, smoking has been found to cause a large number of diseases, including:
Due to these risks, your life expectancy can decrease as much as over 10 years if you are a long-term tobacco user. This is the obvious risk for the insurance company, and the only way they can hedge their risks for this is to increase the cost of the policy.
However, even if you are a smoker, there are carriers who will view you differently based on the type of tobacco you use, how frequently you use it, and also by the date of your last use. Just because you’ve used a tobacco product once in your life doesn’t mean you’ll be considered a smoker, but at the same juncture, you may still be considered a smoker even if you haven’t touched it in 6 months.
Maybe you are looking for an Impaired Risk Life Insurance policy or you have questions about this type of policy. Let our professionals assist you today in your search.
Discovering Your Smoking Classification
Knowing up front what type of smoker you are will help when finding the most accurate quotes.
Infrequent Tobacco User
If you are someone who uses tobacco on an irregular basis, you may or may not be classified as a smoker based on what type of tobacco you use, and how often. For example, if you use cigarettes only once a month while you’re at the bar, you’ll be classified as a smoker. On the other hand, if you only smoke one cigar per year to bring in the New Year, then you can apply as a non-smoker with certain companies.
Frequent Tobacco User
If you use any type of tobacco on a regular basis, you will be considered a smoker. But determining “regular basis” is where the line is a little more obscure. While it might be once per week for one carrier, it could be as little as once per month for another. It’s also dependent on the type, such as cigar versus cigarette.
Alternative Tobacco User
There are some types of smoking which are considered to be in the alternative tobacco category. This could be smoking marijuana, using products like e-cigs or vaping, or alternative ways you might take in nicotine. Believe it or not, some of these can get non-smoker ratings. If someone chooses to vape daily, yet hasn’t used any type of cigar or cigarette in over a year, can still be issued a non-smoker classification. There is only one carrier who currently offers this.
Your date of last use is important in determining your smoking class as well. Even if you’ve quit smoking, life insurance underwriters are going to look to make sure you’ve stopped for a minimum time period, usually a year, before they’ll offer you rates for a non-user.
Even if you’ve already had your current policy for years, if you stop smoking for at least 365 days, you can ask your carrier to lower your rate. They’ll ask you to verify your other health hasn’t changed, they’ll check your nicotine levels, and likely drop your rates. Lower rates are definitely more feasible if you choose to not go with a no medical exam life insurance policy.
The best way you can be sure you’re buying a life policy at the most affordable cost is to utilize an independent agent who is familiar with all the different companies who are most aggressive in issuing coverage for smokers or for any other need you may have such as a history of depression and trying to find life insurance coverage. Independent agents are very similar to a traditional insurance agent, but with one major difference, we represent dozens of different companies, not just a single one.
There are several advantages to working with an independent agent. The first is that you get a knowledgeable agent to walk you through the process and help you make the best decision for you and your family. It isn’t easy weighing all the different types of plans and comparing companies, but we are here to help. You don’t have to do it alone.
The other advantages are that independent agents save you both time and money. If you try to do it alone, you could spend hours or days looking for a company that is going to give you the best rates as a tobacco user, or you can let us do all of the work for you. Additionally, it’s vital that you find companies that view smoking or tobacco usage more favorably than other companies.
Life insurance is one of the most important decisions that you’ll ever make for your family. You want to make sure that they will be protected if anything were to happen to you, and life insurance is the best way to do that. You never know what tomorrow is going to bring, but you can always plan for the worst. Nobody wants to think about his or her own death, but not having life insurance could leave your family stranded under mountains of debt.
If you are someone who smokes consistently or casually, or even use recreational tobacco products, feel free to contact us and we’ll find the right policy for you, and we’ll make sure you play the least amount possible. We can help you find the perfect policy at an affordable price.