Life Insurance and Smoking - Important Health Factors

Life insurance and smoking are two things that go together well. If you use tobacco you are significantly shortening your life and will likely need insurance. Buying a life coverage policy will make sure your final expenses do not negatively affect your family's finances. A pretty average funeral can cost many thousands of dollars, so preparing for your death is important.

One of the only certainties in this world is the fact that someday you will die. It is inevitable and therefore should be considered when planning for your retirement and eventual end. If you are contemplating life insurance and smoking is one of your habits, expect to pay more than someone who is in the same general health.

Smoking is Expensive

The amount of money you will pay for your policy depends a lot on the type you are considering. If you are buying term coverage and it is a relatively low amount, you can expect to pay at least double the price that a non-smoker would pay. If you think about the costs associated with life insurance and smoking, you may be persuaded to think about quitting.

If you have been smoking for many years, it will likely be very hard to stop. Working hard at quitting is necessary but you will save a bundle of money. If your life insurance premium is sixty dollars a month and is triple that of someone who does not use tobacco, the benefit of quitting can be easily quantified.

If you bought a normal thirty year term contract for twenty dollars a month, you would end up paying a little over seven thousand dollars over the course of the policy. If you bought the same life insurance and smoking was a factor, assuming you pay triple, you would wind up spending over twenty-one thousand. This does not even figure in the cost of not having to support your habit by buying cartons of cigarettes each month.

Clearly life insurance and smoking do not go well together. The savings on your policy and buying a pack of cigarettes a day are one thing but living a longer and healthier life is the ultimate benefit. Make sure you notify your insurance company that you use tobacco.

Lying to an insurer is always a bad idea. You must be completely honest regarding all health questions. If you are dishonest the company usually finds out in the end. Smoking is associated with some tell-tale diseases, including several cancers. If you develop a smoking related illness and the company finds out, your eventual death benefit will not be paid. In essence you will have wasted even more money paying premiums that you or your family will likely never get back.

Providers take life insurance and smoking very seriously and will rate you differently. Once you submit an application, the provider will immediately rate you as smoking or not and will examine the rest of your overall health. Most life insurance companies have a ratings scale ranging from standard to preferred plus or something very similar. This is the way they will categorize you so they can start to determine your premium.

Apply to Many Different Companies

When shopping for life insurance and smoking is an issue, you should explore many different companies to see which one will give you the best deal. Not every company will rate you the same and your premium may vary significantly enough to save you a good bit over the life of your policy. Take your time and apply to several providers.

If you quit smoking recently and are looking for coverage, you should know that many providers will still rate you as a tobacco user long after you quit. You usually need to have stopped completely for at least a year. Many companies will still charge higher premiums if you are using a nicotine patch or nicotine gum. Not all places have the same rules when it comes to life insurance and smoking so look around and ask questions.

Life insurance is a smart part of any retirement plan. Even if you are only looking for final expense coverage so you do not have to sell assets at a loss to provide for a funeral, a small policy is a great idea. Not a lot of people want to spend a lot of time contemplating their own death. This is a very sensitive topic for many but death will come so you might as well be prepared.

When it comes to life insurance and smoking, you should be aware that you are going to be charged more. If you decide to stop using cigarettes, make sure you wait long enough to get favorable rates. Insurance should be considered to make sure your family is taken care of financially.

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