Why Are Smokers Rates Higher?
Well, I’m sure that we all realize that smoking has been proven to increase the rates of hearth disease, cancer, and breathing problems. And of course, life insurance base their rates on how long they expect an applicant to live. This risk is based upon their studies of the general population. So even if your grandfather smoked two packs a day and lived until his 90th birthday without serious health complications, his experience is not the norm. On average, smokers are more likely to develop health complications that are associated with this habit. Of course, many life insurance applications do ask you about the life span of close relatives, so they may give that individual consideration.
The paragraph above is not meant ot preach at all, but just to give you an understanding of the way life insurance companies assign prices for different risk classes. A smoker is usually considered to be in a different risk class than a non-smoker.
Your Life Insurance Company Wants You To LIfe A Long Time!
Life insurance companies want to collect their premiums for the length of a term life insurance policy, and they do not want to pay a death benefit. Whole life insurance underwriters want to collect premiums for as long as possible, and so they may offer lower rates to people they expect to survive to a ripe old age. However, none of this means that you cannot still obtain affordable life insurance! You just may have to change your expectations a little from the cheapest rate you have seen on the internet, or the one your car insurance agent has posted on a sign outside his office.
Life Insurance Is a Competitive Business
However, life insurance is a very competitive business these days. Consumers have more information than they used to with TV ads and internet life insurance company websites. You have choices, and because of this, a little competitive shopper can help you find the best available rates for your situation. Keep in mind, that a person who smokes a cigar once in awhile may be given a better rate than a person who smokes three packs of cigarettes a day. No matter what you nicotine use is, you will have to tell the insurance company if they require it, but they will often take your situation into considerations.
Some Lower Face Value Life Insurance Applications Do Not Even Ask
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You may even find lower face value policies, especially whole life insurance policies, that do not even ask about smoking. Older applicants, and those with other health conditions, may want to seek a policy like this. Other health conditions could be high blood pressure, diabetes, or a weight that is considered a high risk all by itself.
However, if a smoker does not have other risk factors and is not elderly, they will probably do just fine by seeking a life insurance policy that does ask about smoking on the policy. Life insurance policies that do not as a lot of questions in the application process will start out with higher rates in the first place. If a smoker is fairly young, or even middle aged, and has a healthy weight with no other health conditions, they will probably find that they will earn a lower rate by filling out a more detailed life insurance application.
Compare Life Insurance For Smokers!
It used to be hard to compare insurance rates, but the internet has made it easier. Many online quote systems only ask a few basic questions and return competitive life insurance quotes in the area. Instead of having to answer questions several times, or calling around to half a dozen life insurance companies and agents, these forms can save a lot of time! Look for online insurance quote systems that use a third party verification. The Better Business Bureau Online System and The National Ethics Check are to familiar verification services which companies might use. Since you may offer up your personal information, you probably want to look for a secure server too!
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