| If you are a smoker and you've been shopping for life | | | | system, but if successful, your premium will be |
| insurance, then you probably realize that rates for | | | | reduced. If you relapse and start smoking again, then |
| smokers are much higher than non-smokers. In general, | | | | at least you will have locked in non-smoker rates. |
| smokers pay about 2 to 3 times more than | | | | What About Different Types of Tobacco? |
| non-smokers for their life insurance coverage. For | | | | Some people smoker cigarettes daily, while others |
| example, a $500,000 20 year term policy on a healthy, | | | | might use other types of tobacco products such as |
| non-smoking 45 year old male is about $800 per year. | | | | cigars, pipes, or chew. Every life insurance company |
| If that same 40 year old man is a smoker then he | | | | has their own underwriting requirements and will look at |
| would pay about $2100 per year. The difference is big. | | | | various types of tobacco products differently. Some |
| What If I Want to Quit Smoking? | | | | insurance companies will give any type of tobacco use |
| That is great if you choose to quit smoking. Your | | | | a smokers rate, while another company might give |
| insurance rates will be better, but you will have to be | | | | someone who smokes an occasional cigar or pipe a |
| smoke-free for at least 12 months to qualify for | | | | non-smokers rate. |
| non-smoker rates. Many insurance companies will | | | | What Can I Do to Get the Best Rates? |
| require 24 to 36 months. If you plan to quit smoking, | | | | You should speak with an experienced agent who |
| don't wait to buy your life insurance policy. You should | | | | works with multiple companies to make sure you get |
| get coverage for your family at the best rate available, | | | | the best rate. An experienced agent will know which |
| and then you can ask the insurance company to | | | | companies have the lowest rates for smokers, and will |
| revaluate your policy. They will usually require another | | | | be able to tell you which company is best for you |
| medical exam to verify that no nicotine is in your | | | | based on your overall health situation. |