How Much Can You Save on Life Insurance If You Quit Smoking?
If you need some motivation to help you kick the habit of smoking, well, keep reading! Most smokers who have invested in life insurance policies have to pay almost three times more than non-smokers. Yes, you read correctly, THREE TIMES!
And when you take into account that these policies last for many years, that money can build up to a substantial amount. With this in mind, let’s take a closer look at how and why smoking can affect your life insurance rates.
Why Do Smokers Pay More for Life Insurance?
The reason is quite simple.
Life insurance companies charge more if the buyer is at a greater risk of early death.
The risks that are associated with smoking are numerous, but some include diseases like lung cancer, emphysema, and even strokes. The average smoker is 23 times more likely to develop lung cancer than a non-smoker.
Insurance companies have to charge more if they believe there is a high chance of you contracting these diseases, all of which have high fatality rates.
Will My Life Insurance Be Cheaper if I Quit Smoking?
Along with the fact that quitting smoking is going to improve your overall health in the long run, abstinence will also burden your wallet less!
However, you need to go at least 12 months without smoking to be considered a non-smoker by your life insurance company. This means the initial charges might not change that much.
But hang in there! As time goes by, the price of your insurance will slowly start to fall and you can enjoy the extra cash you have in your pocket because of your discount from your insurance company AND the money you are saving on your cigarettes!
Someone Else Is Depending on You for Their Future
Saving a lot of money on your life insurance is one reason to motivate you to quit smoking. But one of the other main reasons to quit smoking is to look after your loved ones.
You may have children, a spouse, or other relatives that are relying on you for their future. And your smoking adds to their uncertainty around the future just as much as it adds to yours.
If you do end up contracting a long-term disease such as cancer, you will not only be burdened financially but also by the guilt of having let your loved ones down.
Life Insurance Tips for Smokers and Ex-Smokers
- If you take up the habit of smoking after you have been insured, then there is no need to tell your designated company.
- There is no point in lying on your life insurance application. The urine and blood test will pick up the nicotine levels in your blood. So it will only ruin the chances of you getting a beneficiary death benefit payment.
- If you talk to your company to re-evaluate your policy after quitting smoking, chances are they will grant you with lower non-smoking premium.
If I Only Smoke Casually, Am I Still a Smoker?
Yes, an insurance company will take into consideration that cigarettes contain nicotine.
Nicotine is highly addictive, so even if you have smoked only once in the past year, the company will consider you at a high risk of starting again.
So, does being a smoker mean that you will always have to pay expensive premiums?
It depends on the insurance company you choose. Many different companies take into account several other things as well when underwriting your policy.
Hence, you should always compare rates and policies across different insurance carriers before choosing the right one for you.