How Much Does Life Insurance for Smokers Cost?

It’s no secret that smoking can add to your life insurance price tag. But if you’re unfamiliar with the life insurance process, you may not be sure how to find an affordable plan that will give your loved ones the final protection they need. Life insurance policies for smokers and non-smokers are the same, but there are a few key things to keep in mind before you can begin shopping for the right policy. Let’s dive deeper into how much life insurance for smokers can cost and some types of plans you may want to consider.

How does smoking affect life insurance rates?

Depending on their age, smokers could pay double or triple the amount non-smokers pay in life insurance premiums. This increase happens because life insurance premiums are calculated based on life expectancy, which tends to lower as smokers continue their habit. Since age, gender, and weight will also affect life expectancy, these variables can increase your premiums as well. Older smokers, for example, may pay a higher life insurance rate than younger smokers.

Life insurance options for smokers

If you’re a smoker, you’ll need to decide between a variety of life insurance plans that best fit your lifestyle and future plans. There is no one-size-fits-all option, so it’s important to research each type of plan before making your decision:

Permanent life insurance

Permanent life insurance allows policyholders to provide lifelong coverage for their loved ones. These policies typically come with higher premiums because a portion of each payment goes toward the cash value, a growth component of the policy that increases tax-deferred over time. If you want coverage that won’t expire and the opportunity to build wealth, permanent life insurance may be the right choice for you and your family.

Term life insurance

Term life insurance offers a cheaper alternative to permanent life insurance plans. However, the downside of term life policies is that premiums can change significantly depending on health conditions like smoking. If you plan on quitting smoking soon, you could purchase a plan with a shorter term, like 10 years. Then, once this policy expires, you could apply for a new term life policy with a longer term at non-smoker rates, allowing you to save money on premiums in the long run.

Final expense insurance

Final expense insurance is a type of permanent life insurance policy that is designed to help loved ones cover end-of-life expenses when you pass away. Once you die, your beneficiaries will receive a payout that can go toward burial, memorial, and cremation expenses, along with other final costs. This type of plan often comes with affordable premiums since the death benefit is typically lower than the payout other policies offer. For smokers, final expense insurance may be a good idea if you’re diagnosed with a terminal illness that may drain your initial life and health insurance payouts.

The bottom line

Although life insurance may be more expensive for smokers, you may still be able to find a policy with premiums you can afford. Regardless of which type of life insurance policy you choose to apply for, make sure to find a life insurance company that can accurately assess and meet your coverage needs. This way, you can find a policy that can help provide a safe and secured future for your loved ones.

See Campaign: https://www.iquanti.com

Contact Information:

Name: Michael Bertini Email: michael.bertini@iquanti.com Job Title: Consultant

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