Life insurance is one of the most important investments that you’ll ever buy for your family. It’s one of the best ways that you can ensure that your loved ones will be taken care of, regardless of what happens to you. We know that finding life insurance can be a long and difficult process, but there are some factors that can the process even more difficult.
We all know that smoking is bad for us, and significantly reduces our life expectancy. The last 50 years of statistics bear this out and you can bet that insurance companies pay close attention to the data.
As a result, unfortunately for smokers and even ex-smokers alike, finding life insurance at an affordable rate can be a daunting proposition. Life insurance for smokers can sometimes cost double to four times more for life insurance than non smokers.
In this post we’ll provide a little advice and a few ideas on things to consider when looking for affordable coverage as a smoker or recent ex-smoker. We’ll also walk you through the process of comparing quotes from competing providers to help ensure you get the insurance you and your family need, whatever your current or past habits.
Regardless of your health or cigarette usage, you should be able to get an affordable and quality life insurance plan to protect your family. If you were to pass away, your loved ones would be left with a massive amount of debt and unpaid expenses. Not having life insurance is one of the worst things that you can do for the future of your family, but just because you’re a smoker doesn’t mean that your premiums have to break your bank every month.
Obtaining An Affordable Rate As A Smoker or Recent Non-Smoker
To start off, it’s critical to find the right representative and insurance company. While a life insurance representative is not someone you talk to every day, this is in fact one of those “seldom seen”, but pivotal relationships. You can certainly call the state and national providers 1-800 numbers to start gathering quotes, but there’s a better way, and that’s why BestLifeQuote is here. We make it easy to get the largest number of competitive life insurance quotes for smokers and recent ex-smokers around, so you can compare the best life insurance companies rates for you and your family.
Let’s look at some different situations, some of the companies to expect and the prices you’ll be looking at:
Let’s say you’re a 30 year old male smoker
looking for $250,000 of coverage for a 20 year term
In this case here are the top 3 Quotes:
Top 3 Quotes:
- Transamerica: $92.75 Per Month
- Banner Life $95.59 Per Month
- ING: $99.31 Per Month
Finally, let’s say you are a 50 year old smoker looking for $250,000
of coverage over the same 20 year term
Top 3 Quotes:
- Transamerica $221.16 Per Month
- Banner Life $223.78 Per Month
- American General $225.01
The preceding examples provide a great case for why it’s best to work with an independent broker and get as many quotes as possible.
As you may have noted, the rates cited above show that the same company may not always provide the best price from one age bracket to another, and it’s no wonder. As we’ve noted elsewhere on these pages, finding the best price is dependent on a variety of factors including age, coverage amount,lifestyle,family medical histor, such as a history of cancer, and any other health factors and/or pre-existing conditions as well. Choosing to go with a company that offers a policy that does not require a medical exam will also lead to higher rates. The bottom line is, when it comes to finding life insurance for smokers or recent ex-smokers it’s important to get as many quotes as possible and compare them until you find the best price for you and your family. And while comparing is an easy the first step, understanding the “fine print” is equally important.
Ok, so let’s say you’ve gone through the process, gotten a number of quotes and for whatever reason the rates provided are still too high for your budget.
Here are some tips to help you reduce those costs:
Reducing the Term Length
It may be the length of the life insurance that is the culprit. In this case you can save money by going with a shorter term. You have to balance budget as well as finding the right term length that works best for you and your family.
Reducing the Coverage Amount
The first thing to consider when trying to bring down your life insurance premiums as a smoker or recent ex-smoker is to take a good look at how much life insurance you would really need to leave behind for your family, and for how many years it will be used?
A good place to start is by calculating the normal operating costs of your household, the remaining amount of your home mortgage that needs to be paid off or other factors including your children’s future college education, etc. Next, create a concrete list of what is important for you and your family and how much coverage is absolutely necessary and for how long based on the duration of those debts and the current interest rates being paid on those debts.
Such an exercise may reveal that you actually need less coverage than you originally thought, and could help with saving money in the long run.
Renewing Your Term Every Year
While this is not a viable long term solution, those interested in life insurance for a short amount of time, or for those on a tighter monthly budget may consider annual renewable term. Be aware that initially this may be the cheapest route, but over time the rate will increase every year. As such, it’s a good idea to get into a longer term or permanent life policy sooner than later.
Consider Quitting Smoking
If quitting smoking in the near future is part of the plan, that’s great news. In that case, and you are serious about it, but still want to get life insurance now, it might be good to consider opting for a short term policy. This way you can apply for a long term policy with better terms once you are not smoking and no longer have to pay the higher rates associated. Remember that every additional year you remain tobacco free and retested as such means your rates will continue to get better. After a year of not smoking, you will usually get the Standard Non Tobacco Rate which is great news. What’s more, after 3 years of not smoking, you will be eligible for the best possible rates as a non smoker.
Improve Your Health
There are several ways that you can improve your health and lower your insurance premiums. The better health you’re in, the better the results from the medical exam, which is going to translate into more money in your pockets.
The first thing that you should do is start a healthy diet and stick to it. Eliminating the junk food and replacing it with healthier options, this is going to have positive impacts on your health. It can lower your weight lower your blood pressure, and lower your cholesterol. All of these are going to help you secure lower insurance rates.
The next thing that you should do is start getting regular exercise. Just like a diet, it’s going to have a positive impact on your health, which is going to mean better results from the medical exam. You don’t have to be a marathon runner to get better insurance premium rates.
Each insurance company is going to view smoking differently, which means you could receive drastically different prices depending on the company that you choose. It’s easy to see why it’s so important to receive quotes from several different companies before you choose the plan that is going to fit your needs the best. Our agents can help you find the most affordable plan to give your family the protection that they need. Don’t wait any longer to get the plan that your loved ones deserve.
If you are ready, feel free to compare rates using our quote tool on this page – or call us at 1-888-552-6159. It’s easy, fast, safe and always secure.
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