How to go about getting term Life Insurance if you are a Smoker
It is commonly more difficult for someone who smokes to get affordable term life insurance as oppose to someone who doesn’t. The reason being is the health risks that are associated with smokers. Lung disease, heart problems and a shorter life expectancy; not exactly a life insurance company’s dream client! Well don’t panic; there are companies and policies out there that are designed to help smokers get a cheaper deal; you just need to make sure you shop around to find them.
The life insurance market place is a business that has become highly competitive. There are now more companies than ever and all of these are now competing to provide you with coverage. It is thanks to this high competition that companies are now beginning to realize how much of a big market smokers are in insurance terms as they are willing to pay elevated, but not excessive, premiums for term life insurance coverage. This means that as a smoker you will have to admit you smoke and you will more than likely have to undergo a medical exam but as one in four Americans will be in the same boat as you, at least you won’t be alone.
Unfortunately the fact remains that the rates for a smoker when it comes to term life insurance will always be higher than those for non-smokers. However, depending on the company you take your policy out with you may be eligible for non-smoker rates and if not your premium might be a lot lower when compared to the average premium for a smoker.
There are basically two things that you can do if you are a tobacco user who is in the process of looking for insurance. The first thing is based on the type of insurance that you opt for. For example, instead of looking into insurance such as whole you should opt for term. Term life insurance is the cheapest form around, meaning this is the best option for smokers as it will bring down the overall cost of the policy. Secondly you need to remember that there are companies out there that will insure you for a lower premium; these are companies who specifically cater for high-risk individuals, you just need to look out for them.
There are several aspects that can reduce the price of your insurance premium if you are a smoker. For example the insurance rates are based on the type of tobacco products that you consume such as cigarettes or cigars. Also your policy will be calculated by the type of smoker that you are. Some of you may consume tobacco on a daily basis where as others may only touch it in social situations. The less you actually smoke, the lower your premium will be.
By using an insurance company who specifically caters for and welcomes people that smoke you can save a lot of money on your monthly premiums. It has been stated that you could actually save up to 50% off what you are currently paying/what you have been quoted on other sites and the best thing is, there are plenty of these sites around so if you are a smoker you are bound to find the term life insurance policy you are looking for with a little help from the right people.