High Insurance on Smokers

If you are a smoker and you've been shopping for life insurance, then you probably realize that rates for smokers are much higher than non-smokers. In general, smokers pay about 2 to 3 times more than non-smokers for their life insurance coverage. For example, a $500,000 20 year term policy on a healthy, non-smoking 45 year old male is about $800 per year. If that same 40 year old man is a smoker then he would pay about $2100 per year. The difference is big.
What If I Want to Quit Smoking?
That is great if you choose to quit smoking. Your insurance rates will be better, but you will have to be smoke-free for at least 12 months to qualify for non-smoker rates. Many insurance companies will require 24 to 36 months. If you plan to quit smoking, don't wait to buy your life insurance policy. You should get coverage for your family at the best rate available, and then you can ask the insurance company to revaluate your policy. They will usually require another medical exam to verify that no nicotine is in your system, but if successful, your premium will be reduced. If you relapse and start smoking again, then at least you will have locked in non-smoker rates.
What About Different Types of Tobacco?
Some people smoker cigarettes daily, while others might use other types of tobacco products such as cigars, pipes, or chew. Every life insurance company has their own underwriting requirements and will look at various types of tobacco products differently. Some insurance companies will give any type of tobacco use a smokers rate, while another company might give someone who smokes an occasional cigar or pipe a non-smokers rate.
What Can I Do to Get the Best Rates?
You should speak with an experienced agent who works with multiple companies to make sure you get the best rate. An experienced agent will know which companies have the lowest rates for smokers, and will be able to tell you which company is best for you based on your overall health situation.