3 Tips For Buying Life Insurance For People Who Smoke

smoking

It’s a known fact that smoking carries many health effects, such as a higher risk of death, chronic disease, diabetes, and dental issues. But a side effect of smoking that isn’t as obvious is the increased cost of life insurance. Did you know that if you are currently a smoker, you can expect to pay two to three times as much for a policy than a nonsmoker? The good news is that you can get a policy, and if you were a smoker in the past and have quit, your premium cost will decrease.

And, under very special circumstances, you may even be able to pay non-smoker rates.

We have extensive case files that show that people who pose this particular underwriting risk were able to purchase a life insurance policy at a reasonable rate.

Here are three tips to keep in mind to overcome this obstacle and get insured:

Tip# 1: Be Honest. Really.

It is very tempting to think, “I don’t smoke much at all. What if I stop for a few weeks before the physical exam and tell them I have quit for good?” There’s a term for that: insurance fraud. Don’t do it. If you do, you could jeopardize the benefit getting paid. Plus, any broker who encourages you to lie on the application is steering you in the wrong direction.

When you get prequalified for coverage, you will be required to complete a smoking questionnaire, and it will need to be thorough and accurate for an underwriter to make a fair assessment of the risk involved. Give some thought to the answers so that all parties involved can be confident they know the full story.

Tip# 2: Look For Carriers Who Offer the Best Rates

You may not believe this, but you can bank on the fact that some carriers offer outstanding rates to smokers. The life insurance industry has become very sophisticated in underwriting people who smoke. As a matter of fact, non-smoker rates are available for people who smoke cigarettes, cigars, pipes, or e-cigarettes, or to those who chew tobacco or Nicorette. This even extends to people who smoke marijuana.

These exceptional rates aren’t guaranteed. A number of factors have to fall in place for you to qualify for non-smoker rates, but the point is this: odds are you can get an excellent rate, even as a smoker.

Tip# 3: You Can Always Search For A New Policy

If you need coverage immediately, buy a policy. It’s as simple as that. It makes no sense to postpone a necessary purchase on the hope and prayer that you will qualify for a better rate later. Your insurability is critical, and you simply cannot assume that some medical or lifestyle condition won’t emerge down the road to throw another wrench in the plan.

If you’re that confident you will kick the habit, then the smart thing to do is to cover yourself while you do so. Then, when you succeed, you can simply re-shop your coverage and go for a lower price. If you qualify, great. Just replace the policy. But if you don’t, then you will be very glad you bought the policy when you did.

It’s a known fact that smoking carries many health effects, such as a higher risk of death, chronic disease, diabetes, and dental issues. But a side effect of smoking that isn’t as obvious is the increased cost of life insurance. 

I am here to help. Contact me at skobrin@stevenkobrin.com so we can research your options and find the best life insurance policy for you.

About Steve

Steven Kobrin is a life insurance expert with 25 years experience. He serves high net-worth individuals and business owners as well as high risk and uninsurable “impaired cases.” Steven offers concierge life insurance process to ensure the policy is approved as it’s quoted. To learn more, visit his website, read his blog, connect with him on LinkedIn, or request a policy audit today by calling his office at (866) 633-1818 or by email at skobrin@stevenkobrin.com. Steven is a contributor to investopedia, view his profile here.

 

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