The Cost of Smoking
Just how much more do smokers pay for life insurance? Depending on the age and other factors, tobacco-users may pay up to 400 percent more in premiums!
Regular smokers may also have other health problems, like high blood pressure, that can raise premiums even higher. Your health concerns arent considered part of the smoker status; they are charged separately as an additional expense. Depending on your overall health and lifestyle, your premiums could skyrocket.
Lying About Smoking
If youre a tobacco user, you may be tempted to lie on your application in order to obtain lower premiums, but dont give in to that temptation. Nearly all insurance companies will require an examination at a doctors office, and one of the things the doctor will check for is the presence of tobacco in your system.
Sometimes even using a nicotine patch or gum can label you as a smoker, so trying to quit for a few weeks to pass the test wont work, either. If youre caught in a lie, your insurance company may even refuse to provide coverage at all. Worse, if you do succeed in getting life insurance and die during your policy term, the insurance company may realize after your death that you were a life-long smoker. In that situation, the company may revoke your death benefit, leaving your spouse or children without any financial support.
Ways to Reduce Premiums
Shop for high-risk insurance. Some companies will provide coverage to people who would otherwise be impossible to insure. These companies are usually more expensive than regular life insurance, but sometimes theyre competitive.
Comparison shop. While rates will be universally higher for smokers than non-smokers, the difference may be lower among some companies than others. Before committing to any company, check if you can get a lower rate elsewhere.
Maintain an otherwise healthy lifestyle. The better your overall health, the better your chances that you can save money on life insurance even while smoking. Try to figure out what your target weight, blood pressure, and cholesterol levels should be prior to your physical and work on reducing those figures before the inspection.
Of course, the smartest way to save money on life insurance is to stop smoking. Non-smokers pay less for health insurance as well, and foregoing your pack-a-day habit can save you nearly $300 a month. If theres one smart financial decision you can make, its losing a nicotine addiction.
Similar Posts:
- Is it possible to lower my high health insurance cost?
- 3 Important Aspects of Life Insurance
- Self-insurance advice for single women
- Employer Health Plans Often Omit Part-Timer Workers
- Best Home Insurance
