Worried your smoking could make buying life insurance difficult? Learn how tobacco use can affect your rates, so you can find a plan that fits your needs and budget.
Life insurance is designed to protect your family financially if something happens to you. Since your insurance company is actually insuring your life, it looks at how healthy you are when you buy a policy – including whether you smoke.
In most cases, smoking will increase your life insurance rates. The good news? There are still affordable smoker’s life insurance options for tobacco users, and if you quit smoking, you may be able to lower your rates even more. Here’s how it all works.
Recently quit smoking? Quitting isn’t just good for your health, it’s also great for your life insurance rates.
In general, carriers want to see that you’ve been smoke-free for a little while and may give you non-tobacco rates as soon as 12 months after quitting. Once five years have passed, you should be eligible for preferred non-smoker rates with most insurance companies. An agent can help you find which option works best for you, depending on how long you’ve been smoke-free.
If you’re in good health overall, you should still qualify for traditional term life insurance or permanent life insurance options as a smoker:
Term life insurance is the most affordable type of life insurance and keeps you covered for a set period of time, typically 10 to 30 years.
Permanent insurance provides lifelong coverage and also allows you to build cash value over time. It’s more expensive than term life, but it may make sense if you have financial needs that last a lifetime.
Both term life and permanent life insurance typically require a medical exam from your life insurance company to help determine your rates. If you have health issues or other concerns about taking an exam, a simplified issue or guaranteed issue policy may be a better fit.
That depends on the insurance company you choose and your overall health and usage. Talk to a life insurance agent to help you find the right fit.
It depends on the company. Unless you also smoke cigarettes, you can probably get a non-tobacco rate, though some companies have higher rates for marijuana users. Learn more about life insurance for marijuana users here.
Yes. Companies will look for nicotine usage through a blood and/or urine test during your medical exam. If an insurance company finds out you lied about smoking, it can decline your application or, even worse, deny your family’s claim later for your life insurance payout. That’s why it’s best to be upfront about your tobacco use, so an agent can help you find the best plan for your needs.
In most cases, yes. We’ll help you set up an appointment at your convenience for free. Learn more about taking a medical exam here.
No, it’s better to get covered sooner than later. The longer you wait, the more likely you are to develop a smoking-related condition that could increase your rates or even prevent you from getting covered, like heart disease or lung cancer. Insurance rates also go up as you age, so it’s best to lock down a policy while you’re younger. Even if you’ve quit recently, you won’t qualify for non-smoker rates for at least a year, which means there’s no reason to wait.
At eFinancial, we’re dedicated to providing personalized support as you shop for life insurance. We offer access to plans and products from more than 20 leading insurance companies and a team of agents to guide you through the application and approval process. Let us help you get covered.
To get started, request your free, no-obligation online quote or call 800-957-9525 to talk with one of our agents.
