Tips on Life Insurance for Smokers
Posted by Lenny Robbins on Fri, Jan 13, 2012 @ 03:46 AM
Smoking isn’t just bad for your health—it can also cause you to pay a lot more for life insurance. Life insurance for smokers can easily cost three times as much as the same policy for nonsmokers!
It Doesn't Pay to be Dishonest
If you’re a smoker, you might think: How is the life insurance company going to know? When you have your paramedic exam, they will take a blood and urine sample. Your blood will be tested for nicotine. Lying about one thing makes the insurance company suspicious that you may be lying about other things.
If you’re buying term insurance online, you might think about selecting a policy that doesn't require a blood test and then lying on your application. Again, the insurance company has several databases they check, and if you are found lying you will be declined.
Not All Smoker Rates are the Same
Although life insurance for smokers costs more than for non-smokers an independent agent can help you get a fair price. They will know where to go for the best smoker rates. All companies have different underwriting criteria for what makes you a smoker. Some companies are friendlier with their smoker rates than others, and an independent agent will know which companies will give you the best price.
An independent agent will also know the policies of each company regarding how long you must quit before qualifying for a nonsmoker rate.
Some Occasional Smoker Can Get Nonsmoker Rates
Life insurance for occasional smokers may be priced at non-smoker rates.
If you sometimes enjoy a cigar, or if you use smokeless tobacco, electronic cigarettes, nicotine patches, or nicotine gum, you will find that some carriers will charge you smoker rates and some won't.
Each carrier has different standards for who they consider to be smokers. If you’re an occasional user of nicotine other than cigarettes, you can work with an independent life insurance agent who knows the carriers that will give you non-smoker rates.
The Bottom Line
- Don’t lie about your smoking
- If you smoke, try to quit! You know all the health reasons you should give up the habit. Add higher life insurance costs to that list.
- If you are a smoker, don’t forgo buying insurance altogether. Whether you’re an occasional smoker or you smoke three packs a day, you can still get reasonable rates if you work with an independent agent who has a thorough knowledge of the market.
An independent agent can help you get the best priced life insurance for smokers available.
Photo credit: Bruce