Smoking is a dangerous act that causes severe health problems like lung cancer, heart issues, etc. But have you ever wondered how smoking affects term life insurance eligibility, and whether term life insurance for smokers is available? Here’s good news: instead of the significant impact of smoking on the cost of premiums, it doesn’t mean you are out of options.
Smoking is a bad habit and can lead to death. A term life insurance policy is the best tool to address such risky lifestyle conditions and secure the future of your family.
By not being late, let’s understand these complex things with an easy approach.
Does Smoking Affect Your Life Insurance?
This is a well-known question, and everyone has the core idea of the answer. Obviously, smoking causes health complications, and insurance is all about managing risks. The people who have the habit of smoking tend to have a expensive insurance policy as compared to non-smokers. And this is becasue the life insurance policy calculates the premiums based on the life expenctancy of the applicant.
Smoking is more likely to develop serious medical conditions like :-
- Heart disease
- Lung cancer
- COPD (Chronic Obstructive Pulmonary Disease)
- Stroke
- High blood pressure
These types of health issues increase risk factors, and insurers charge higher premiums to cover them. The cost of insurance for a smoker is typically 2 to 5 times higher than that of a healthy policyholder.
Smoking And Monthly Premiums
If you are a smoker, then a simple question is popping into your mind, which is: Is insurance more expensive for smokers?
The answer is Yes, which is obvious. Smoking is a very serious issue that prevents you from getting many advantages and benefits. In insurance policies, smoking is a noticeable factor that cannot be skipped without any action.
According to CDS, smoking kills more than 480,000 people in the USA every year from any medical disease. With time, this number is gradually increasing, so taking an insurance policy, even with a little higher premium, will be a wise decision for your life.
Learn how to get the best rates and coverage with our expert guide on term life insurance for diabetics.
How Does Smoking Affect Monthly Premiums?
We are given an estimation with consideration of a 20-year term policy and smoking habits. The table below depicts the same:
| Coverage Amount | Non-Smoker Monthly Premium | Smoker Monthly Premium |
| $250,000 | $16 – $19 | $43 |
| $500,000 | $27 – $30 | $71 |
| $1,000,000 | $70 – $90 | $130 |
Why is The Price Gap?
The price is due to the internal health situation. You cannot identify a normal smoker, but the body is changing and facing many unwanted issues.
In comparison with a healthy non-smoker, the person with smoking habits tends to have a higher risk of death, and that is why the premiums are higher for the applicant having smoking habits.
Types of Smokers and Insurance Classification
There are different kinds of smokers present. Insurance companies sometimes do not treat all of them equally. Different smoking forms have different risk levels. Based on which the premiums and other aspects are decided.
Cigarette Smokers: People who smoke cigarettes are at a higher risk, according to the insurance companies, due to the nicotine level. Therefore, cigarette smokers will be eligible for the more expensive premium insurance plans.
Cigar Smokers: Cigar smokers are at lower risk as compared to than cigarette smokers. Some occasional cigar smokers can be treated as the standard application if there is no harmful nicotine. However, for regular cigar smokers, the situation is often the same as that of cigarette smokers.
Pipe Smokers: It is treated the same as a cigarette because it is also a tobacco habit. The premiums for these are higher than those of non-smokers.
Vapers/E-cigarettes: Generally, flavoured vapers and e-cigarettes are considered safer, but the insurance companies treat these types of users the same. This is because of the nicotine exposure, which affects long-term life expectancy.
Chewing Tobacco: Tobacco chewers may get slightly lower rates than smokers, but it is also a nicotine consumption. So, compared to a healthy non-smoker, the tobacco chewers get higher premium rates.
It is essential to understand how the types of smokers are treated based on severity and nicotine consumption. Making proactive decisions and avoiding bad habits may result in getting the best term life insurance for smokers.
How To Get the Best Term Life Insurance For Smokers?
Instead, all this confusion, usually, an applicant with smoking habits gets an insurance policy. Following the various steps mentioned below, any smoker can easily buy a term life insurance policy.
Way to save a term life insurance policy for smokers :-
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Connect With Multiple Insurers
Not all insurers look at smoking in the same way. There may be many insurance companies present who are more lenient in considering applicants with smoking habits in the underwriting process of term life insurance for smokers.
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Try To Quit Smoking
Before taking any action, first try to quit smoking, and if you are successful, do this, then go for term life insurance after some time (6-12 months). This will directly help in getting the best insurance policy with affordable monthly premiums.
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Choose A Shorter Term
Rather than choosing a long-term insurance policy, go for shorter-term policies like 10 or 15-year plans. This will help you if in between you successfully stopped smoking, then after the end of the short-term policy, you can renew the term insurance plan with lower premiums.
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Don’t Lie In The Underwriting Process
It is advised that you must tell all the true details without hiding any, because this can lead to the termination of a policy. Also, if somehow you get the insurance plan then in future the misleading may casue serious issues in claiming the coverage amount by your family.
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Go For Laddering
Laddering means buying multiple smaller plans that expire at different times, instead of a large insurance policy. This can be affordable method while the different timeline provides a dynamic coverage support.
Underwriting Process of Term Life Insurance For Smokers
Health Questionnaire
The process may include asking about the timing, routine, and habit of smoking you are living with. The bad habit may lead to expensive premiums or even application rejection.
Medical Test
A regular medical exam may be done to check the nicotine level in your blood, urine, etc. A complete body test is done in the medical examination under the supervision of medical experts.
Medical History Review
The insurer may review your past medical history to ensure you are a good fit for this policy. Generally, people with severe medical history needs to pay higher monthly premiums in order to have a insurance policy.
You can also select a no-medical-exam plan, but these types of policies need to pay much higher premiums as compared to policies with medical examinations.
Top Term Life Insurance Providers For Smokers
There are many insurance companies present in the market that provide term life insurance for smokers, some of which are listed below :-
| Insurance Company | Smoker-Friendly? | Policy Term Options | Max Coverage |
| Banner Life | Yes | 10–40 years | $10M |
| Prudential | Yes (also flexible on cigars and vapes) | 10–30 years | $5M+ |
| Protective | Yes | 10–30 years | $1M+ |
| AIG | Yes | 10–35 years | $2M+ |
Conclusion- Term Life Insurance For Smokers
Having such a dangerous habit like smoking, which is killing you every time you smoke. It is necessary to ensure the safety of your loved ones from any critical financial crisis they will have to encounter after your passing.
If you have any pending debts, taxes, or loans, then term life insurance for smokers is the best choice you can make to balance these uncertainties. It is true that, if you are a smoker, then you must pay higher monthly premiums as compared to non-smoker policyholders because you are at more risk.
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Frequently Asked Questions
Which term insurance is best for smokers?
There are many options available, some major insurers are Banner Life, Prudential, etc. Smoker will get high premium insurance plan as compared to non-smokers. But with some precautions and methods getting the most optimal policy won’t be so difficult.
Can a former smoker get life insurance?
Yes, if you quit smoking, then you can easily get a term life insurance policy. To get the best deal, apply after 6-12 months of quitting smoking. Smoking doesn’t prevent you from getting an insurance policy, it makes the premium costly due to less life expectancy.
Can I hide smoking in term insurance?
No, you are not supposed to hide any information or essential details, because your medical report will include everything. Also, perform any such activity will lead to cancellation of insurance policy.
Does smoking affect your life insurance?
Yes, smoking not only affects life insurance, but it also affects your chance of getting the best fit insurance policy. And with a smoking habit you will get highly expensive insurance plans.
How do term insurance check smoking?
The insurers may take medical tests, like a blood sample, to detect the nicotine level and ensure that you are a smoker or not.
