Most types of insurance are designed for personal financial protection in the face of an unexpected event. These policies step in when there is a medical issue, a car accident, or damage to your home. Life insurance, however, is unique in that it is meant to provide financial support for your spouse or other loved ones in the event of your death. The premiums that you pay for a life insurance policy go towards a death benefit paid to your beneficiaries. The proceeds from life insurance can help take care of final expenses, pay off debt, or provide financial support to your loved ones.
Deciding to get life insurance coverage requires that you consider various factors for your particular situation. As a general rule, if you have dependents that would require support upon your death, you should consider life insurance. However, getting a plan will be dependent on several issues, including your age, gender, medical history, and lifestyle choices. These factors will impact how the insurance determines your premium and coverage. If you are seen as having a higher risk lifestyle or medical concerns, you will pay more life insurance.
Everything from your age to your medical history can have an impact on your life insurance rates. If you are a smoker, you can find life insurance, but you will pay higher rates than a nonsmoker due to your tobacco use. Depending on how frequently you smoke and your method, your rates could be significantly higher. If you are looking for life insurance for smokers, it will be important to shop around and compare various companies, plans, and rates. Let’s take a look at getting a life insurance policy if you are a smoker.
Shop around.
During the underwriting process, insurance companies evaluate the risks associated with providing coverage to individuals. This is why life insurance is typically more expensive for older people. The insurance company believes that the chances of paying a policy are higher as people get older. Similarly, health insurance companies understand the risks associated with smoking tobacco products. As such, they believe that a smoker is more likely to develop serious medical problems that will eventually result in paying out a policy. For this reason, many companies charge a smoking rate for those individuals who smoke or vape.
If you are a smoker, it will be beneficial to shop around for various plans and companies. Not all companies have the same policies and rates for smokers. While you will pay a higher rate as a smoker, you might not have to pay the highest premiums. Additionally, many people believe that they can hide the fact that they smoke. Most insurance companies will require a medical exam and blood tests that will reveal your status as a smoker. The best policy is to be honest and shop around for rates and plans.
For our UK audience, smokers can compare multiple quotes for free at Reassured.co.uk
Consider quitting.
The health benefits of quitting smoking are widely known and promoted around the world. The use of tobacco products can cause health problems and cause you to pay significantly higher life insurance premiums. Quitting smoking will open up much lower insurance rates as well as different coverages. Even if you were a smoker when you purchased a life insurance policy, it is possible to quit later and receive lower rates. Many insurers offer discounts just for participating in a smoking cessation program. If you decide to quit smoking, you’ll want to contact your insurance company to try and secure nonsmoker rates.
While you won’t be denied a life insurance policy based solely on being a smoker, insurance providers will charge you significantly higher rates. If you’re a smoker seeking life insurance, you should shop around for various rates, but you also might consider quitting smoking for both the health and insurance benefits.