Life insurance is the best investment that you could ever make for your loved ones. It’s one of the only ways that you can ensure that your family has the money that they need, even if something tragic were to happen to you.
When you apply for life insurance protection, the insurance company is going to look at dozens of different things during the process. One of the most important factors that they are going to review is if you use any tobacco.
As you might know, tobacco-users are going to pay a lot more for their life insurance protection versus what a non-user is going to pay. What you probably don’t know is exactly how much you’re going to pay for your life insurance protection.
At LifeInsuranceforAccountants.com, we get dozens and dozens of questions every year about getting affordable life insurance as a smoker. This article is going to look at some example quotes for life insurance for smokers and ways that you can get lower insurance rates.
How Much Will You Pay For Life Insurance?
Before we look at some sample quotes, it’s important to note that these quotes are only just ballpark figures of what you could receive. Your tobacco usage is only one of the dozens and dozens of factors that they are going to look at. Every applicant is different, and every company is different, which means that the rates that you’re going to receive will vary drastically depending on your specific situation and the company that you contact.
If you’re a 40-year-old male, and you don’t smoke, you would pay around $30 every month for a $500,000 insurance policy. On the other hand, if you’re a smoker, you’re going to pay around $140 for the same sized policy. The older that you are, the wider the gap is going to be between smokers and non-smokers.
With some companies, the difference between smoker’s rates and non-smoker’s rates is going to be even more drastic. There are a lot of companies that are going to charge you three times as much for your protection.
One factor that is going to impact how much you pay is if you smoke cigarettes, cigars, or if you smoke e-cigs. Companies are going to look at each of them differently. For example, there are a lot of companies that will give you non-smokers rates if you only smoke the occasional cigar.
Getting Lower Insurance Rates
Aside from quitting smoking (which will save you thousands of dollars on your life insurance plan), there are several ways that you can lower your rates. Making a few simple changes can save you money on your life insurance plan.
The first thing that you should do is improve your overall health. The insurance company is going to require that you take a medical exam (unless you buy a no exam policy), and the results of the plan are going to play a major role in how much you pay for your coverage every month. If you want to keep more money in your pockets, then you’ll need to get better results, it’s as easy as that. The two best ways that you can do that is to start a diet and get regular exercise. Both of these can help you lose weight, lower your blood pressure, and much more. All of those can drastically reduce you much you pay every month.
The best way to ensure that you’re getting the lowest rates is to compare several quotes before you pick. Every company looks as smokers differently, and they have different smoker’s rating charts. That means that you’re going to get drastically different rates depending on the company. Some companies are going to offer you much lower premiums versus what other companies will give you. It’s important that you look at several quotes to ensure that you’re getting the best one.
There are hundreds of companies on the market, which means that you could spend days calling agents to receive quotes. Instead of wasting your valuable time, let one of our independent insurance agents do all of that dirty work for you. Our independent insurance agents work with dozens and dozens of highly rated companies across the nation. We know which companies are going to give you the best insurance rates as a smoker.
Life Insurance for Smokers – It Doesn’t have to Break your Bank
We know that shopping for life insurance is never going to be fun. Nobody wants to plan for something tragic happening to them. Not planning for the inevitable is one of the worst mistakes that you could ever make for your loved ones. If you didn’t have life insurance, your family would be left with a massive amount of debt and other expenses.
Losing someone that you love is never easy, but being stranded on a mountain of debt is going to make the situation that much worse. If you have any questions about getting life insurance as a smoker, please contact one of our agents today. We would love to answer those questions and connect you with the best plan possible.
You can’t predict the future, and you don’t know what life’s going to throw at your tomorrow, which means that you shouldn’t wait any longer to get the coverage that your loved ones deserve. Contact us today, and we can get the process started.