4 Tips for Getting Life Insurance as a Smoker
NEW YORK, February 2, 2022 (Newswire.com) - iQuanti: Life insurance companies calculate premiums based on factors like your health and lifestyle. So, smokers often pay higher premiums for coverage than non-smokers. But life insurance for smokers can still be a great benefit to you and your loved ones, even if you have to pay more to get it. If you pass away, your policy will provide your family with a financial safety net that they can use to cover essential expenses. Let's dive deeper into four tips that can help smokers get a life insurance policy at a rate they can afford.
1. Shop around
One of the best ways to get a good life insurance policy as a smoker is to shop around. The more insurers you visit, the more likely you'll get a better rate. Working with a licensed insurance agent can help you with this. They'll be able to gather several quotes and help you pick the best option for your needs.
2. Inform your insurer of what nicotine products you use
Some insurers are more lenient than others depending on what they classify as a smoker. For instance, if you only smoke cigars infrequently, some companies may not count you as a smoker. Others might call you a non-smoker if you simply avoid cigarettes but consume tobacco through other methods. And if you use alternative nicotine products, such as gum or patches, that could qualify you for a lower rate as well. Regardless, make sure you let your insurer know what your nicotine consumption looks like. You may be able to get a lower rate depending on how you use it.
3. Consider term life insurance
Permanent life policies, such as whole life insurance, cover you for life but can be expensive. Term life insurance only covers you for a specific period of time, such as 10 or 15 years, but can be much cheaper than permanent policies. If you don't need coverage for your entire life, a term life insurance policy might suit your budget better than permanent life insurance.
4. Consider life insurance with no medical exam
A guaranteed issue life insurance policy is a whole life policy that offers smaller payouts. Due to its size, it doesn't require you to answer a medical questionnaire or go through a medical exam. So, smoking isn't likely to impact your premiums.
And if you want life insurance primarily for end-of-life costs, consider final expense insurance. This is a small whole life policy that can help your beneficiaries cover your funeral expenses, hospital bills, and other final costs. Final expense life insurance also has a smaller death benefit and requires no medical exam.
The bottom line
Smoking can make life insurance cost more, but you still have several ways to get the coverage you need without exceeding your budget. Shop around for multiple quotes and see if any insurers are more lenient about certain types of nicotine consumption. Give them details about the nicotine products you use so you can get an accurate quote.
When looking for life insurance for smokers, you should also weigh the type of policy and coverage you need. If you don't need lifetime coverage, a term life policy can work for you. And if you do need lifetime coverage, but not a lot, you could get a guaranteed issue or final expense life insurance policy to skip the medical exam. Regardless, compare your needs against your budget, and consider working with a licensed insurance agent. Doing so can help you get a good life insurance policy at an affordable rate.
Source: iQuanti, Inc.