Affordable Life Insurance for Smokers
Posted by Lenny Robbins on Fri, Jan 28, 2011 @ 04:23 AM
Did you know that life insurance rates for tobacco users are significantly higher than premiums for non-users? This is true for all insurance companies. However, depending on the type of tobacco and frequency of use you may qualify for non-smoker rates. Read on to see how!
Let’s start with cigarettes. If you smoke cigarettes, you will be considered a smoker with all companies. If you are trying to stop, one company has a program to give you a standard non-smoker rate on a permanent policy (not on term insurance) for three years. After the 3 years, if you have stopped smoking for at least a year, you get to keep this rate.
Do you smoke an occasional celebratory cigar? Or maybe you smoke once a week with friends? Or maybe you smoke 5-10 cigars a week? There are several companies that will not penalize you for smoking cigars and will give you non-smoker rates. Each company has its own criteria of how many cigars you can smoke to be considered a non-smoker. You may even qualify for the lowest possible rate if your health history warrants it.
Users of smokeless tobacco (either chewing tobacco or snuff) can also be considered for non-smoker rates. If you are on a nicotine patch or gum, the same is true. The best rating you can get is “standard plus” non-smoker which is considerably less expensive than the best smoker rates. Again, each company has its own standards of what they will accept for a non-smoker rating.
If you are in this situation, be sure to contact an experienced independent life insurance agent. They should know about these opportunities and be able to assist you in finding affordable coverage as a “smoking non-smoker”!