Co-Founder, Coastal Financial Partners Group, California
Generally, the premium for term life insurance for people in their thirties and forties is three times more for tobacco users than for non tobacco users. The factor widens on older individuals.
In recent years, a few innovative insurance companies have been offering non tobacco rates to cigar smokers and users of smokeless tobacco making their tobacco class rates effectively cigarette user rates. Celebratory cigar use e.g. once or twice a year at weddings, may even qualify at such innovative insurance companies for preferred non tobacco premium rates.
Agency Owner, A1 Insurance LLC, Arizona, California Agency
Great question. Smokers usally pay more on life insurance about %20-%50 more. Keep in mind not all companies have the same rates. Some companies charge more for smokers and some companies have good rates for that type of class.
They will also ask how many do you smoke a day the less per day you migh get a preferred smoker rate.
Depending upon your gender, age and health condition (although some would say cigarette smoking is a health condition), you’re going to pay much more than you nonsmoking counterpart. Smoking directly effects life expectancy and also indirectly effects respiratory disease that also shorten life expectancy. The actuarial scientific evidence is overwhelming. But there are certain life insurance companies that are very benevolent to cigarette smoker. We can help with that.
Life insurance for a smoker will cost 2 to 3 times more than Nonsmoker rates for most medically underwritten life insurance. If purchasing a No Exam policy (especially if a small, permanent, final expense policy), the rates for smokers may be only slightly higher than for nonsmokers. Persons who use tobacco other than cigarettes (e.g. chewing tobacco, daily cigars, or nicotine gum) can pay Standard Nonsmoker rates with a handful of companies. For those who use cigars weekly or less frequently, Preferred Nonsmoker rates are possible.
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In recent years, a few innovative insurance companies have been offering non tobacco rates to cigar smokers and users of smokeless tobacco making their tobacco class rates effectively cigarette user rates. Celebratory cigar use e.g. once or twice a year at weddings, may even qualify at such innovative insurance companies for preferred non tobacco premium rates.
They will also ask how many do you smoke a day the less per day you migh get a preferred smoker rate.