How to Find Affordable Life Insurance for Smokers

Affordable Life Insurance for Smokers
Table of Contents
    Add a header to begin generating the table of contents

    Unfortunately, every life insurance company will base your policy rate on your age, health, and personal habits. That is why it can be incredibly difficult to find affordable life insurance if you are a smoker. Insurance companies realize that they are taking on a greater risk by insuring a smoker, and with greater risk comes a higher rate for smokers. Despite that you can still find affordable life insurance for smokers by following the tips in this article.

    Smokers Pay Way More for Life Insurance  

    Life insurance rates for smokers can range anywhere from 2x – 5x what non-smokers will pay. People who smoke are automatically given higher life insurance rates because statistics have proven that smokers have a higher chance of developing serious issues related to their lungs and heart. It doesn’t matter what insurance company you choose; you will most likely be paying double the rates of non-smokers.

    Life Insurance Smoker Rates

    Let’s look at some sample life insurance rates. We put together quotes for a 40-year old male looking for 20-year term. We’ll show you his monthly premiums as a smoker and non-smoker.

    smoker term life insurance quote

    20-year termNon SmokerSmoker

    Most Affordable Life Insurance for Smokers

    Unfortunately, there is no way to avoid paying more for life insurance if you are a smoker. That is why it is so important that you speak with an independent insurance agent and shop around until you find the best policy at the lowest price. The most affordable life insurance for smokers will usually come from the same companies that provide the lowest rates for non-smokers.

    In almost all cases, a term life insurance policy will be the most affordable life insurance for smokers. A term life policy means that you are only insured for a set period of time. 

    Insurance companies are able to offer such a significantly lower rate for short-term coverage because there is less risk involved. It is also more affordable because it has no cash value, as it is strictly a form of insurance in case something happens to you during that short period of time.

    Tips to Reduce the Rates Even Further

    There are several changes you can make that will eventually reduce your insurance rates, if you are a smoker.

    Quit Smoking

    Quitting smoking is the most beneficial of these changes, because a good insurance company will lower your life insurance rates every year that you go smoke-free, until you are paying the same as non-smokers. Quitting smoking is also undeniably good for your health, but it can be very difficult and many people struggle to quit for good.

    Most companies are looking to see that you’ve quit smoking for at least 1 year.

    Days Needed To Quit Smoking

    Find the Best Company

    Thankfully, there are some insurance companies who will drastically drop your rates without asking you to quit your habit completely.

    If you switch to smokeless tobacco products like chewing tobacco or the new e-cigarette, they will lower your rates closer to what a non-smoker would be paying. These great incentives will allow you to gradually quit, so you don’t have to drop the habit all at once.

    To help you in your research, you can use an independent life insurance broker like our company. At Life Insurance Blog, we regularly work with tobacco users and are experts in this area. We’ll show you how to put together the right application and with the best company for your goals.

    Life Insurance for Smokers

    The bottom line: If you are a smoker who is in need of cheap term life insurance, you should really start by talking to an independent insurance agent about your options. They can help you find a term life insurance policy that will cover your needs without blowing your entire budget.

    You can get instant life insurance quotes for life insurance right on this page by using the instant quote tool and we can help you find affordable life insurance, even as a smoker.

    How to buy life Insurance when you're a smoker

    Here are 7 steps you should follow if you're wanting to get approved for coverage.
    Total Time Needed: 30 minutes

    Required Tools:

    - Computer.
    - Phone.

    Things Needed?

    - Independent licensed agent

    Steps to get approved

    Step 1: Work with an independent agent
    With Acid Reflux, make sure to use an independent life insurance agent that has access to multiple companies.
    Step 2: Communication
    Your agent will listen about your tobacco use as well as your goals for coverage. They will also ask you the questions that a life insurance company underwriters will want to know about your smoking.
    Step 3: Shopping the competition
    Your agent is like your personal shopper. They will find the best life insurance company that will approve you and give you the best deal for smokers.
    Step 4: Choose your company and policy
    Once the bests companies have been found, you can choose the policy that meets your specific needs, goals and budget.
    Step 5: Apply
    Your agent will help you apply quickly and easily online or over the phone. Most companies provide e-signatures and e-delivery so you can submit your application as quickly as possible.
    Step 6: Underwriting
    After submitting the application you will begin the underwriting process. Once that has been completed you will know if you’ve been approved.
    Step 6: Purchase your policy
    Once your application is approved you may purchase your life insurance policy and put it in force.
    Picture of Michael Quinn

    Michael Quinn

    Michael is a licensed life insurance agent, expert & owner of Life Insurance Blog. LIB has helped thousands of shoppers understand life insurance and secure affordable coverage.

    Share this post with your friends & Family