You have probably been searching for reasons to stop smoking. Your premium rates for life insurance are approximately two to three times higher if you smoke than if you weren’t a smoker. Smokers pay a severe penalty when purchasing life insurance. This is similar to high-risk drivers paying more for car insurance than safer drivers.
However, this does not mean that smokers can’t get life insurance. You can still find affordable rates if your research is thorough. Get multiple quotes and ask questions as you shop. When you’re looking for life insurance, it is important to know what constitutes smoking and which policies are best for you.
Smokers and life insurance
One of the questions you will be asked when you apply for life insurance is whether you smoke. The company won’t just take your word for this. A sample of your blood, urine, and saliva will be taken as part of the medical exam. This is required for most policies (but not all). This will tell you if your system contains nicotine or cotinine (a metabolite) of nicotine. The company will classify you as a smoker if this evidence is present.
Clear results will show any tobacco use, including cigarettes, pipe smoking and chewing tobacco as well as vaping and cigars. Your blood will also reveal if you have THC in your system, which is indicative of marijuana use. These will all indicate that you are in the marijuana category and could be subject to higher premiums.
Even if you quit smoking recently, nicotine residues can still exist in your body. Insurers generally require that you quit smoking for at least one calendar year before you can be considered a non-smoker.
The best life insurance options for smokers
It will depend on the specific requirements of each policy to determine which type of life insurance is best for them. You can purchase a variety of policies, even if you smoke. Although you will pay more than non-smokers, it is possible to get policies from more than one company.
- Term insurance: This is the simplest and most affordable type of life insurance. term insurance has a set term. It usually lasts 10-20 years. If you die during the term, a death benefit will be paid. There is no payback or benefit after the term ends. This policy is ideal for smokers who want to get life insurance at a reasonable price.
- Whole-life insurance: Permanent coverage, which will continue to be in effect as long as the premium is paid. Whole-life insurance A portion of your premium will also be placed in a savings account that you can access once certain amounts have been accumulated. Whole life insurance is a good option for those who smoke or are not smokers, but it won’t be the most affordable.
- Guaranteed Issue Insurance: This is a special type of permanent insurance policy that doesn’t require a health screening or medical exam. This may be a good option for you if you smoke or have a medical condition. However, coverage limits are typically limited to $25,000. Your smoking history will not affect your premiums. Instead, they will consider your age, gender, and the coverage you want. This type of life insurance can be more costly than medically underwritten insurance for smokers in good health.
What happens if you lie about your smoking habits on a life insurance application?
A life insurance application should not be filled out with lies. Your application could be denied if the lie is found. If the insurer discovers the lie, they could withhold the death benefit from your beneficiaries. This is something you don’t want to do.
There are several ways that insurance companies can find out if you lie. The first is the life insurance smoker test, which is part of the medical exam. This will show that you have used nicotine. Your medical records, life insurance applications in the past, and social media accounts may be reviewed by your insurer. If they suspect you are lying, they may send an investigator to search for any trace of smoking.
What is the cost of life insurance for smokers?
Your life insurance premium will be determined by many factors including your gender, age, and general health. Your premiums could be up to three times higher if you add smoking to this list than a person who does not smoke.
Why is this happening? For one, smokers are statistically more likely than others to die from cancer. Smoking cigarettes can lead to other diseases, such as gastrointestinal disease and high blood pressure. It increases your risk of developing multiple diseases that could impact your health.
What if you stopped smoking?
If you don’t need life insurance immediately, it is a good idea not to smoke for at least one year. To qualify for lower rates, some insurers require that you quit smoking for at least one year.
You may be eligible for short-term insurance if you recently quit your job and you need to have a policy in place quickly. Ask your agent if this is possible.
Questions frequently asked
Which is the best life-insurance company?
Because everyone is different, no one company offers the best life insurance. Our list of the Best Life Insurance Companies in 2020 is a good place to start. They all offer great coverage at a reasonable price.
What is better: Whole life or term insurance?
It all depends on what policy you want. You should also consider whether your premium can be renegotiated if your circumstances change, such as if you quit smoking.
Is second-hand smoking a concern for my insurance?
Most likely not. It depends on how severe the exposure was. If nicotine or cotinine are detected in your blood, you could be punished, even if the other person inhaled the smoke.
