It is a well known fact that insurance companies charge smokers more for life insurance. By insurance standards, even if you smoke your cigarette once a year you are considered a smoker. Insurance companies are generally most concerned if your condition will affect your life expectancy and make you a high death risk. Insurance companies view smokers as high risk as they are likely to get affected by smoking related diseases which are mostly fatal. Even amongst smokers, insurance companies tend to classify smokers differently based on their tobacco consumption. Some insurance companies differentiate between moderate and heavy usage, and charge moderate users less. Other insurance companies use the classification of “standard” or “preferred” tobacco users. You will generally fall into the preferred category if you smoke but are otherwise healthy with regard to their weight, blood pressure, and cholesterol. If you have recently quit smoking, you may qualify for non-smoker rates, depending on the insurance company’s guidelines for how long a consumer must be tobacco-free. There are policies that offer graduated scales, with rates that drop the longer a person remains tobacco-free – sometimes reaching non-smoking rates in the course of a year.
As with every one, pricing insurance industry rating and product quality are the most important factors to consider. Always shop around for the best deal. A moderate user of tobacco products may be given preferred status with one company, while another may consider any amount of usage grounds for a standard classification. If you are a smoker, life insurance typically costs significantly more than insurance for non-smokers, so choosing an insurer that is familiar with high risk life insurance puts you at an advantage when shopping. Consider buying term life insurance. It provides more protection for a lower premium. Besides, if you are able to give up smoking by the time the term is over, you may be able to purchase another policy or renew the same policy at non-smoker rates. Never lie about your smoking habits on your application. You may succeed in beating the medical exam but if you die from a smoking related illness, the insurance company can opt out of paying the death benefits to your beneficiaries.
Just because you have a smoking problem, it does not mean that you will be refused life insurance. You will only have to pay more than non-smokers. Again by shopping around, you can get a good deal.
