People who smoke cigarettes have a shorter life expectancy. The shorter the life expectancy is, the higher the rates are, which translates to higher premiums. There are a couple of life insurance companies that are more benevolent for those who have recently quit smoking. The life insurance market for smokers is significant, so shopping around for the best deal can save you plenty. We can help with that.
Owner, Alma L Hesterberg & Associates, Baltimore, MD
Smokers are considered a health risk and unfortunately will always pay a higher premium. The serious health conditions that are associated with smoking means smokers have a shorter life expectancy. If one is a smoker the best course of action would be to seek some type of smoking cessation program. One small word of advice; if your option is the electronic cigarette this will show up in the para-meds as nicotine usage. In some cases it will afford you a lower premium however your rating class with most insurance companies will be listed as smoker.
Smoking generally increase rates for a healthy person to about three times of what they would be for nonsmoker of similar health.
If a smoker quits smoking and then applies for life insurance, the rate usually starts out as standard nonsmoker after one year of quitting. Then the rates gradually getting better with each year, until an average of 5 years out, when the rates are the same as they would have been if the person never smoked.
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If a smoker quits smoking and then applies for life insurance, the rate usually starts out as standard nonsmoker after one year of quitting. Then the rates gradually getting better with each year, until an average of 5 years out, when the rates are the same as they would have been if the person never smoked.