Buying Life Insurance When You Smoke

Finding the right life insurance policy can be difficult if you are a smoker, but it is not at all impossible. It’s important to know that smokers can get life insurance. You just need to know a little bit about what that entails from one company to the next. If you’re not sure where to start, here are a few pointers on buying life insurance as a smoker.

  1. It’s important to be truthful about your smoking habits. If you are a casual smoker, you will likely be able to find a life insurance plan at a much better rate than someone who smokes a pack a day. If you are evaluating rates with a company that doesn’t recognize the difference, then you definitely want to shop around a bit more. If you try to lie about your smoking habits and die of tobacco related causes, your autopsy report could provide ample evidence of insurance fraud, and your selected beneficiaries will be left with nothing.
  1. Unless you have a significant pre-existing condition, you usually get better rates when you go with a life insurance policy that requires a medical exam. Some life insurance companies will not require you to undergo a medical exam before signing contracts on a plan. However, this usually means that you will end up paying a lot more than you would if you had gone with a plan that did require a medical exam. Your exam may reveal that you are a smoker, but it may also reveal that you have low cholesterol, a healthy BMI, healthy glucose levels, etc., which can really make a difference.
  1. If you are a smoker but are otherwise in very good health, you could qualify for a preferred smoker’s rate, which is usually much cheaper. Not all companies recognize this difference, but many do. If you eat well and have a decent exercise regimen, this could make a huge difference in your life expectancy. Plus, if you manage to quit smoking and quit using any other tobacco related products before the age of 40, you could reduce your risk for death due to tobacco related causes by 90%.
  1. It’s always best for smokers to buy life insurance when they are younger and in better health. If you are a smoker and don’t see yourself quitting any time soon, then you definitely want to start your life insurance policy as quickly as possible, before the effects of your habits start to present themselves. Unfortunately, this is just the way things go for most people, and while we all like to imagine that we break the mold, the majority of us don’t. So if you have the money now, don’t wait until it’s too late.
  1. Get quotes from multiple life insurance companies. There are some general standards when it comes to life insurance policies, however, they really differ from company to company. That’s why it’s so important to shop around a bit before you make your final decision. Get an idea of the integrity and philosophy behind each company before you make such a huge commitment. Remember, this is a commitment for life, so you don’t want to be too hasty.

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