Finding life insurance for smokers can be challenging, as premiums are often much higher than those for non-smokers. However, there are ways to find affordable coverage with the right knowledge and strategy. Let’s explore why smokers pay more for life insurance, how to save on premiums, and which companies offer the best options.
Why Is Life Insurance for Smokers More Expensive?
When applying for life insurance as a smoker, insurance companies assess a variety of risk factors, with smoking being a major consideration. Here’s why life insurance for smokers tends to be more expensive:
- Health Risks: Smoking significantly increases the likelihood of developing life-threatening illnesses like lung cancer, heart disease, and respiratory problems. As a result, insurers view smokers as high-risk clients.
- Higher Mortality Rates: Statistically, smokers are more likely to die earlier than non-smokers, which increases the likelihood of insurers having to pay out claims sooner.
- Medical Underwriting: Insurance companies conduct thorough medical underwriting, testing for nicotine and evaluating overall health. Even occasional smokers are classified as smokers, affecting their rates.
How Much More Does Life Insurance for Smokers Cost?
On average, smokers can expect to pay two to three times more for life insurance than non-smokers. For example, a healthy 30-year-old male preferred non-smoker might pay around $24 per month for a $500,000 20-year term policy, while a smoker of the same age would pay around $67 per month.
Sample Life Insurance Rates for Cigarette Smokers
To help you compare costs, we’ve gathered sample monthly premiums for male cigarette smokers at ages 30, 40, and 50 from five top life insurance companies. These companies are known for offering the most competitive rates for cigarette smokers seeking life insurance. The quotes are based on a $1 Million, 20-year term life insurance policy:
| Company | Age 30 (Monthly Premium) | Age 40 (Monthly Premium) | Age 50 (Monthly Premium) |
|---|---|---|---|
| Corebridge | $123 | $227 | $368 |
| Banner Life | $124 | $228 | $371 |
| Symetra | $124 | $233 | $390 |
| Transamerica | $124 | $233 | $371 |
| Pacific Life | $135 | $246 | $409 |
These companies consistently provide the cheapest life insurance options for smokers who use cigarettes. However, as the table shows, the cost increases with age, making it crucial to compare quotes and lock in the best rate as early as possible.
How to Find Affordable Life Insurance for Smokers
Just because you smoke doesn’t mean you have to pay exorbitant premiums for life insurance. There are several ways to find affordable life insurance for smokers:
- Compare Multiple Quotes: Different insurers have different policies and rates for smokers. Some companies may be more “smoker-friendly” and offer lower premiums. Working with an independent agent like us can help you find the best options.
- Improve Your Health: Making small lifestyle changes like regular exercise, maintaining a healthy diet, and reducing alcohol consumption can help improve your overall health, potentially lowering your premiums.
- Quit Smoking: If you quit smoking for at least 12 months, many insurers will reclassify you as a non-smoker, leading to significantly lower premiums. Even switching to alternatives like vaping or nicotine gum won’t typically lower your rates, but complete cessation will.
Can Ex-Smokers Get Lower Life Insurance Rates?
Yes! If you’ve quit smoking for at least one year, most life insurance companies will reclassify you as a non-smoker. This can lead to substantial savings, as non-smokers generally pay much lower premiums. However, some insurers require proof of your non-smoking status through medical exams or health history.
Are Some Life Insurers More “Smoker Friendly” Than Others?
Absolutely. Some insurance companies are more lenient toward smokers than others. For example, certain insurers offer better rates for those who smoke cigars or chew tobacco. Working with an independent insurance agent like us can help you find these companies and secure better rates.
What Affects My Life Insurance Premiums Besides Smoking?
In addition to smoking, insurance companies look at other factors when calculating your premium:
- Age and Gender: Younger, healthier individuals tend to get lower premiums. Women also tend to pay less due to their longer life expectancy.
- Health History: Pre-existing conditions like diabetes, high blood pressure, or heart disease can increase your premiums.
- Occupation and Lifestyle: High-risk jobs or hobbies, like skydiving or scuba diving, can lead to higher premiums as well.
How to Save on Life Insurance for Smokers
While quitting smoking is the most effective way to lower your life insurance costs, there are other strategies you can use:
- Apply Early: The younger and healthier you are when you apply for life insurance, the lower your premiums will be.
- Term vs. Whole Life: Term life insurance typically offers lower premiums than whole life or universal life insurance, making it a more affordable option for smokers.
- Work With an Agent: Independent agents have access to multiple insurers and can help you find the best rates for your situation.
Frequently Asked Questions
How much more does life insurance for smokers cost?
Smokers pay two to three times more for life insurance than non-smokers. For example, a 30-year-old male smoker could pay $67 per month for a $500,000 20-year term policy, compared to $24 for a non-smoker.
Can ex-smokers get non-smoker rates?
Yes! After one year of not smoking, many insurers will reclassify you as a non-smoker, resulting in lower premiums. Be sure to ask your insurer if they offer reclassification for ex-smokers.
What types of smoking affect life insurance rates?
Most insurers consider all forms of smoking, including cigarettes, cigars, e-cigarettes, vaping, and even nicotine patches or gum. Occasional smokers and those who use alternatives to cigarettes may still be classified as smokers.
Are there any smoker-friendly insurance companies?
Yes, some insurers are more lenient with smokers and may offer better rates.
What happens if I lie about smoking on my life insurance application?
Lying about smoking is risky. If the insurer finds out during the incontestability period, they can deny your claim or cancel your policy. It’s best to be honest about your smoking habits.
Conclusion: Don’t Let Smoking Stop You from Getting Life Insurance
While smoking can increase your life insurance premiums, there are ways to find affordable life insurance for smokers. By comparing quotes, improving your health, and working with the right insurer, you can secure coverage that fits your needs and budget. Ready to explore your options? Use the life insurance quoter on this page today to get started.
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