3 Best Life Insurance for Smokers
The purchase of life insurance may seem like a difficult task for those who are smokers.
This is because the premium cost of coverage tends to be higher for those who smoke – in some cases, the price can be three or four times higher than for comparable coverage of a non-smoker, even if you are otherwise in excellent overall health.
But the truth is you can still find good deals on life insurance coverage for smokers – you just need to know where to shop. In doing so, it just takes a bit more “shopping around” in order to find affordable quotes on a life insurance policy that will be suitable for the protection that you need.
How Insurance Companies Define Smoker
This varies from company to company. Most life insurance companies will consider someone a smoker who indulges in any tobacco related product.
This includes the following:
- Nicotine Patches
- Nicotine Gum
- Chewing Tobacco
- Pipe Tobacco
Now the exceptions. Some companies will offer non-smoker rates to people who exclusively use e-cigarettes, nicotine substitutes, chewing tobacco, or even pipe tobacco.
Cigars are their own grey area.
Life Insurance for Cigar Smokers
The smoking of cigars can also be considered in the smoking risk category, which in turn, could result in the requirement of higher policy premiums.
This is because there are many life insurance companies that will consider the smoking of cigars, as well as smoking a pipe – and even the chewing of tobacco – to be a factor that could potentially decrease an applicant’s life expectancy.
This is the case, even if the individual is otherwise in good health.
Although cigar and cigarette smoking are considered by many people to be two entirely different things, there are certain types of cigars that contain the same amount of tobacco as several cigarettes.
There are even some instances of cigars that contain the equivalent amount of tobacco as an entire package of cigarettes. Therefore, life insurance companies will tend to rate this type of smoking with higher premium rates.
What happens if you do have the occasional cigar? Maybe you are celebrating something special. Or perhaps you are finally taking that trip to Cuba.
The occasional cigar is not a habit.
Any long term health effects are negligible.
Therefore many companies will not hit you with smoker rates for a couple cigars a year.
3 Important Things you need to know Life Insurance for Smokers
I have no intention of quitting
If you have no current or future plans of quitting smoking, we simply want to find the least expensive smoking premiums.
We do this by shopping more life insurance companies.
If you are looking for permanent insurance we may be able to offer you non-smoker rates for the first two years of your policy, after which time the policy will revert to smoker premiums.
I plan on quitting shortly, I am in the process of quitting, or I only smoked rarely
If you currently qualify for smoker premiums but are going to quit smoking for one full year within the next couple of years, then we don’t want to lock smoker premiums for the long term right now. Instead, shop for a short term policy (typically a 10 year term) which will lower your premiums temporarily.
Once you have had the policy for a year and been smoke free for a year you can request a reconsideration for nonsmoker rates.
Once that has been approved you can then convert your policy to the correct type of insurance (i.e. permanent, or a longer term).
Not all companies offer the automatic ability to convert to longer term or permanent insurance so we shop this out on an individual basis.
Never, ever conceal your smoking status from an insurance company.
You can imagine that they are sensitive about this subject because many people are seeking the lowest rates possible. If concealed or the insurance company is misled, they may deny the death claim if you die.
Instead, fully disclose everything during the application process, and use the above information to ensure the lowest possible premiums.
If you’re a regular smoker, they’ll be able to see that when they check your medical history, and they may find evidence of cigarette use in your blood test. If it turns out you lied, they can deny you coverage or not pay out your policy. Better to be honest up front.
Life Insurance for Marijuana Smokers
What about weed? Does that count as smoking?
In the old days, smoke was smoke.
More recently, insurers have gotten hip to the cannabis trend and started classifying medical marijuana in its own category.
A few chill insurance companies will cover you as a nonsmoker if you smoke weed recreationally.
Even so, your drug habit will knock you out of the cheapest health class.
Not being a marijuana smoker will save you money.
What Happens to the Life Insurance if I Start Smoking?
There are some individuals that take out life insurance who do not smoke.
Then, later on, they become a smoker.
They may assume that this is not going to be a problem with their life insurance.
If they read their policy carefully, they may find out otherwise.
Most likely there will be a clause in the policy that deals with smoking.
It may say that if one becomes a smoker that the policy is void.
Or at the very least that they must notify the insurance provider that they now smoke.
There may be a possibility that this will not affect your life insurance coverage. It could depend on the type of insurance that you have. For example, if you have the type of insurance that is locked in for life.
What Kind of Insurance Can a Smoker Get?
A smoker should be able to get any life insurance they want. If they willing to pay the high premiums. Those which apply to the different types of insurance.
How Much is Life Insurance for the Smoker Going to Cost?
For smokers, there will be an increase in the cost of the insurance.
How much is going to depend on each insurance company. Indications are that some companies will double or triple their premiums.
It is important for smokers to shop carefully for their life insurance.
It is because every insurance company is different in the way they set their premiums.
Smokers are going to want to find those that do not put as much emphasis on smoking as what others do.
When doing insurance quotes they may find that there is a big variation in the cost of the premium quote.
It is because each of the companies uses different metrics.
The smoker should check out each of the quotes carefully looking at what is being offered.
There may be a lower quote, but there may be more restrictions.
Non-Smoking Life Insurance Rates for Smokers
One of the plans is a final expense life insurance policy, which is designed to cover the cost of your funeral and any remaining bills you might have.
Typical final expense life insurance policies have a death benefit of up to $30,000.
When you purchase this policy – even if you’re a tobacco-user – you pay the non-smoking rate.
You’re then given 3 years to quit smoking. If you provide evidence that you’ve quit smoking for at least 12 months straight before those 3 years is up, you get to keep the non-smoking rate!
Another option is to buy a guaranteed issue insurance plan. These plans will accept you, regardless of your health or any pre-existing conditions. If you purchase a guaranteed issue plan, all you have to do is give them your name, age, the amount of coverage you want, and answer about three health questions. It’s as simple as that. If you’re looking for the quickest and easiest way to get life insurance, guaranteed life insurance is the best way to do it.
The problem with these guaranteed acceptance plans is they are more expensive than a traditional policy. Without the medical exam or the health questions, the insurance company is taking a higher risk. They offset the risk by charging drastically higher premiums.
Another problem with these plan is you’re going to be limited on how much coverage you can buy. Most companies will restrict your guaranteed coverage at $25,000. For the vast majority of households, this will not be nearly enough insurance. Not having enough coverage is one of the worst mistake you can make for your family.
One of the advantages of guaranteed issue policies is how quickly you can be approved for coverage. If you want to get life insurance as quickly as possible, these plans are going to be the best choice for you. This way, you can get life insurance in a matter of minutes. Compared to a traditional plan, you could wait up to two months to get life insurance.
How to Find The Best Life Insurance for Smokers
Just talk to an agent.
Life’s too short to try to figure this all out on your own.
Plus, it doesn’t cost you a penny to put us to work for you to find smokers life insurance.
Or call us at 813-964-7100
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