Life Insurance for Smokers?
One of the questions we are often asked is what is the best life insurance policy for smokers? Well the short answer is term life. The reasons we will discuss in detail below, but the key point, it is the most cost effective.
Smokers are eligible for whole life insurance and term life insurance. However, smoking shortens life expectancy and as such insurers will heavily penalise the cost of whole life insurance. Term life is far more affordable, especially if you can keep the expiry date of the term life policy to before 60.
Smokers tend to suffer from more health problems than non smokers, hence the penalised cost. By opting for a term life policy, the risk is reduced to coverage through the term of the policy and hence makes the premiums more affordable.
Check the cost
Obtain up-to 10 quotes from insurers based on your zip code. Compare the prices and see how much you can save simply by shopping around. It is possible to save up to 60%, just by comparing insurers. Just because you are a smoker, doesn’t mean you can’t save!
Reduce your risk
If you are considering taking out life insurance, consideration should be given to quitting smoking. Some insurers may require you not to have smoked for a year. But as an incentive, insurers are open to reducing the rate once you have stopped smoking for a period of time. You will also feel healthier, so that has to be a positive side effect!
It is important to remember, that just because you are a smoker, this doesn’t preclude you from life insurance. You will pay a higher premium for the cover, but you can still obtain the life insurance you require. Having life insurance will allow you and your family to sleep a little easier at night. The best policy is to have life insurance, that is really the best life insurance policy anyone can have.