Tobacco users sometimes have a difficult time finding affordable life insurance coverage.  The cost of life insurance can be more than 5 times higher for smokers than it is for nonsmokers.  The problem can be compounded when smokers are also in bad health, especially from smoking related disease such as high blood pressure or emphysema.  Term life insurance is much more affordable for smokers than whole life] but even term coverage can be expensive.  Luckily there are ways for smokers to get a good deal on life insurance, and it starts with comparing multiple providers to find the most affordable option to fit their needs.

Life Ant Will Find You The Best Deal

Life Ant is here to help smokers get the best deal on life insurance that they possibly can.  The cost between companies can vary widely, because every company treats smokers slightly differently with regards to how they are classify them for health rating purposes.  Life Ant can find the company that will give you the best deal. Some companies give almost every smoker the same price, while other companies will give smokers who are in good health better rates.  By answering a few short questions, smokers will get a much better idea of which company can provide them with the lowest rates on insurance.  Read on for other ways to save on insurance if you are a smoker, and use our quote system to find yourself the best deal.

Term Life Coverage Is Most Affordable

Because the price is so much higher for smokers, we recommend that smokers look to term life insurance policies first to satisfy their life insurance needs.  Whole life insurance is much more expensive than term insurance is, and a whole life policy with a “smoker” health rating can result in a policy with a burdensome cost in some cases.  The value of whole life as an investment and retirement savings tool also tends to diminish when the cost of insurance is very high for someone.  In the case of smokers, it is rarely worth using whole life insurance as an investment unless there is a personal financial need which can only be satisfied with a whole life insurance policy.  It still doesn’t hurt to investigate whole life insurance as an option but many smokers will find this to be an expensive alternative to term life insurance.

You Don’t Need To Smoke To Pay Smoker Rates

A person need not use tobacco through smoking it to be assigned a “smoker” rating.  Any tobacco (or marijuana) use by a prospective insured person will normally translate to a “smoker” health rating assignment.  Some companies may use their traditional health rating system for tobacco users though, but they add the “smoker” rating to whatever health rating assignment they make.  This can benefit light tobacco users who are in otherwise good health.

Smoking raises your life insurance premium.
Smoking raises your life insurance premium.

The rates for smokers are much higher than for nonsmokers, so if you can stop smoking before you apply for life insurance you will significantly lower your rates.  Some companies require that you have not used tobacco for 1 or more years before they will remove a smoker rating, but the sooner you stop the better off you will be.

Buy Policy When Young Or Get Shorter Term

The reason smokers pay more is evident.  Smoking shortens life expectancy directly.  Smoking is also associated with a number of other health ailments, and considerably poorer overall health.  Statistically speaking, life insurance companies also view people who smoke as less likely to make other healthy life choices.  Added up it means that over a large sample size, the life insurance company expects that there is a much higher chance that a smoker can have a death claim at a younger age.  However, the risk that a smoker will pass away is much higher later in life, especially after about age 60.

To get the lowest life insurance rates possible, smokers are usually wise to look at term life insurance policies which will expire by age 60.  This means that if you are a 49 year old male smoker, for instance, a 10 year term life insurance policy will usually be much less expensive than a 20 year term policy.  If you are a younger smoker, it may not impact your rates as harshly to buy insurance for a longer term.

We advise that smokers get insurance coverage at as young an age as possible.  This also guarantees that you will be insurable for as long as you wish, if the term policy is convertible.  If this is the case, no matter what changes in health may occur you will always have the option to have insurance coverage if you make all your payments to the insurance company.

Most Major Companies Will Reconsider Rating If You Quit

Most major life insurance companies have a wonderful feature to save money, and it provides incentive for smokers to quit.  With most companies, if a smoker is able to cease smoking for at least 2 years, the company will reconsider their health rating.  In most cases after quitting for 2 years, the company will take the “smoker” rating off of the policy and will assign the person the health rating that they would otherwise receive given their current state of health.

This means that smokers can sometimes save 80% on their annual policy cost by quitting in the future.  This is a nice option that encourages smokers who are planning on quitting to still pursue insurance coverage if they need it, and saves people who are able to quit a lot of money as well.  If you currently smoke and need health insurance coverage, don’t let the current high cost discourage you, especially if you are planning on quitting in the near future.  You want to guarantee yourself coverage, and you may only have to pay higher premiums for a short amount of time if you are able to stop smoking.  Life Ant recommends companies that allows smokers to get a health reconsideration within 2 years of quitting.

As always the cheapest way for a smoker to get life insurance is to stop smoking, buy life insurance that allows a reconsideration after purchase, and reap lower rates after the required period of time has elapsed.