Life Insurance for Smokers

If you are a smoker or or a retired smoker, it is important to note that you could still qualify for the purchase of life insurance. Some people believe that smokers have low chances of qualifying for any life insurance plan. But that’s not true. Below we have listed out the things you need to know about life insurance for smokers.

Use of tobacco products qualifies you as a smoker

A lot of life insurance providers qualify individuals who use tobacco products as smokers. Some life insurance providers will take into consideration how often and how long you have smoked.

Higher life insurance premium

While smokers can get life insurance, they pay double the premium a non-smoker pays for life insurance. This increased premium is because smoking is harmful to your health. Non-smokers tend to live ten years longer than smokers. Furthermore, smoking could cause terminal illnesses which could shorten the span and quality of your life. Smokers are therefore deemed a higher risk to insure hence the higher insurance premium.

Dishonesty could lead to denial of insurance payout

If you are a smoker who wishes to buy life insurance, we recommend that you are truthful when purchasing insurance. Some life insurance providers make medical examination a requirement for getting insured. But others do not. If you do not undergo any medication examination before buying life insurance, avoid lying about your smoking habits.  This is because your insurance company could deny your dependents the insurance payout if they discover the lie after your death.

Get multiple quotes

If you are a smoker and wish to get life insurance, we recommend you get various quotes from different life insurance providers. Getting multiple quotes will help you get the most affordable insurance provider that will suit your needs. Furthermore, some insurance providers have better deals for smokers that have been medically examined and are in excellent health

Review your insurance plan if you quit smoking

If you quit smoking for a year or more, inform your insurance provider.  They may require a medical test to confirm the absence of nicotine in the body. After reviewing your results, they could review your premium payments and reduce it to correspond with your former-smoker status.