Here’s How Quitting Smoking Can Affect Your Life Insurance
Written by Daniel Ray, Life Insurance Expert |
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Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
If you’re a smoker, and it’s time to finally stop smoking for good, then you might be wondering what will happen to your life insurance rates.
Unfortunately, the answer is that there are many variables at play when deciding how much of a premium change smokers will see when they buy life insurance policies.
It’s true that many companies offer lower premiums for non-smokers;
However, even in those cases, some smokers can still get better rates than nonsmokers depending on their age and other factors. So if you’re a smoker and want to know how quitting tobacco would affect your life insurance premium rates, contact our experts today! We’ll help you find the best company possible based on your needs.
If I Quit Smoking, How Will It Affect My Life Insurance?
If you need some more incentive to quit smoking, this article might have what you’re looking for. As you might know, life insurance for smokers is usually at least two times more expensive than for nonsmokers.
In fact, life insurance for cigar smokers can be complicated. If you consume too many cigars you will be considered special risk, ultimately affecting the rate. Also, life insurance after DUI will be a better rate if you quit smoking.
Actually, this is true for tobacco users in general. Rates for people that chew tobacco or any smokeless tobacco can be equally as expensive. However, we’re here to tell you that it’s never too late to quit. Above all, we’ll show you below what effect it can have on your life insurance rates.
Also, most life insurance carriers will rate individuals as a tobacco user for consumers who are looking for life insurance with marijuana use. However, recently with laws being passed, states are now either legalizing the use for medical and now recreational purposes in California. In the future, we will probably see the life insurance companies loosen their underwriting belts and be more lenient.
What Are Life Insurance Rates For Someone Who Only Recently Quit Smoking?
If you can quit smoking just a year before you apply for life insurance, it’s completely possible that you’ll be given life insurance at the standard rate. However, if you do not have at least 12 months since stopping, then high-risk life insurance rates apply. As you may know, this is a substantial difference in price.
Remember, when you apply for life insurance, you want to make the best impression possible, and quitting smoking in advance is one of the best things you can do to receive a lower insurance quote. Also, life insurance by age will determine the price after quitting smoking.
What Are The Benefits Of Working With An Independent Life Insurance Agent?
PinnacleQuote – Danny Ray
Working with an independent life insurance agent can save you a considerable amount of time, money, and hassle. Here at PinnacleQuote, we can connect you with the best insurance companies, where you’re most likely to find the policy you’re looking for.
In fact, we only recognize A.M. Best as the superior rating agency for evaluating life insurance company’s financial stability.
The reason why we always recommend people to shop around before settling on a life insurance policy is that each company will give you a different offer. The best way to find the best deal on your life insurance is to compare several companies.
For example, for life insurance for diabetics, it’s important to have an agent that knows the best carriers that specialize in both type 1 and type 2 diabetes. To conclude, whether you’re looking for life insurance in your 30’s, life insurance over 50, or life insurance for seniors over 75, we will find you the best price with the best carrier.
Underwriting For Consumers Who Quit Smoking
Remember, life insurance companies have different medical underwriting, meaning their assessment of your level of risk will vary. For some companies, people who have quit smoking for 6 months will be eligible for a standard rate. For others, former smokers may never receive cheap life insurance.
Above all, quitting smoking with underlining conditions such as treated high blood pressure and/or treated cholesterol, will drastically reduce your rate. In fact, quitting smoking can also improve symptoms for those who have multiple sclerosis (MS). Furthermore, life insurance for cancer patients will be more favorable if smoking has stopped.
An agent will know where to look for the most affordable policies because they’ll have an idea of which companies are more lenient in certain categories. It’s up to you, but hiring an agent is usually an excellent investment.
Currently, there are a few high-risk life insurance companies that you will want to look into as a former smoker, such as Banner Life, AIG or Prudential. Choose from a whole life policy, or low-cost term insurance, like a 20 year term life insurance policy.
Life Insurance Advice For Those Who Quit Smoking
Take these steps in case you are going to apply at a life insurance carrier who has quit smoking or is Considering kicking the habit:
- Be honest, do not lie on a life insurance application about smoking. These are billion dollar corporations, they will found out!
- Compare rates from multiple life insurance carriers. Stay away from captive agents. Only use independent agents, call us today at 855-380-3300.
- In the event that you bought life insurance policy with a rating of tobacco user, ask your agent the best way to qualify for nonsmoker prices, here at PinnacleQuote we will devise you a strategy.
- Putting off purchasing life insurance makes no sense! For instance, you’re only going to pay more or leave your family financially vulnerable, until you stop smoking. Locate the best-priced policy you can as a smoker and also inquire about ways to make reclassified as a nonsmoker as soon as you’ve stopped. This locks in policy for you, in the event you acquire other health issues later on that makes you uninsurable or which produce rates exceptionally pricey. At the very least you have the policy NOW!
- Set a goal! Enroll in a smoking-cessation program. Many companies and organizations provide them free of charge, and you will find tips and tools on the national administration’s Smokefree.gov site.
Cigarettes Versus Other Nicotine Products
The consensus is if you are smoking, society automatically thinks its cigarettes. In short, most cases they are right.
A majority of life insurance companies delegate smoking cessation and prices for any tobacco usage. But, there are a couple carriers, for example, John Hancock, who’ll assign non-Smoker rates when you used other kinds of tobacco goods.
Don’t fret, we will talk about the best option under this criteria.
E-cigarettes are in precisely the exact same boat. Right now, virtually all carriers handle them exactly like a cigarette, and that means you are going to receive smoker prices.
But, in recent years there has been more study to e-cigs from the national government, therefore if information comes out showing they are not as hazardous as conventional smokers, we might see life insurance companies follow suit.
For example, Prudential will offer non-tobacco rates while admitted use of e-cigs even if testing positive for nicotine.
In the end, smoking cessation products can fetch you Smoker rates depending on who the carrier is. Insurers will check for smoking throughout the physical examination blood test, and the quantity of nicotine in the blood from smoking cessation products will typically appear.
How Long Should You Stop Smoking Before You May Save?
Out of the 1,400 life insurance companies out there, they will all look at you differently. That goes for smoking as well. In some cases, someone getting a life insurance policy has to be smoke free for a minimum of one year. In some carriers two years.
It would be quite unusual for a life insurance carrier to give a non-tobacco rate based on smoking cigarette. At the very least, 3 years is the rule of thumb to offer preferred rates.
Remember, life insurance companies base everything on statistics. So if you put this habit down for 3 years, there is a good chance you will not pick it up again.
Ordinarily, a business is going to have precisely the identical time requirements for somebody to be provided a nonsmoker score whether they’re asking for a new policy or they’re attempting to update their health evaluation on their current coverage, but this doesn’t necessarily need to be the situation so that it won’t ever hurt to check with your insurance company.
How does quitting smoking impact life insurance rates
In case you’ve stopped smoking at least 1 year past, please review estimates for new coverages using our comparison tool.
Find The Ideal Life Insurance Company
Again, each insurance company looks at you differently. Additionally, some treat all sorts of tobacco exactly the same while the top companies for smokers have different guidelines between cigars, e-cigarettes and/or chewing tobacco.
Contact us, we know the best fit for your history. To assist you in your search, you are able to use an independent insurance agent like PinnacleQuote. We know the carriers that will look at you with lenient underwriting.
Not only do we specialize in finding the best rates for health impairments, but also with smokers. We understand the guidelines to dozens of carriers, so we are specialists in the industry.
We will hold you by the hand throughout the process and isolate the one carrier out of all the top companies based on your history.
Unlike a captive insurance broker, independent agents represent dozens of insurance companies throughout the country, so that they could bring each one the lowest prices straight to you.
Working with an independent insurance agent will help save both time and cash to your life insurance plan. As you will never know what is going to happen elsewhere, you should not wait any longer to find the insurance coverage you and your loved ones want.
How Much Life Insurance Should I Get?
This is one of the most important decisions when getting life insurance. There are several factors that you’ll need to consider. We’ll list a few things that you may want to cover with your life insurance, and at the end, you’ll need to calculate what the amount will come out to.
- Any debts/mortgages
- To replace your salary or retirement income, Usually 10 times income as a starting point
- Your final expenses, such as funeral costs, burial plot, etc. (This is usually around $10,000 alone)
- Personal things you want to be covered, i.e. paying for your children’s college tuition
Even an affordable term life insurance plan can provide your family with considerable financial security after you pass.
Quit Smoking and Life Insurance Rates
Quitting smoking can have a huge impact on your life insurance rates. In fact, even if you’ve only quit for a short period of time before applying. Quitting for a year is normally the sweet spot.
Although, many insurance companies will offer you standard life insurance rates (assuming you don’t have any serious medical conditions). You can get some of the best rates for a no exam life insurance policy after a few years of putting the cigarettes down.
However, if you have serious health issues, you can always get a guaranteed acceptance life insurance policy. There are several other things you can do.
For instance, quitting smoking, that can help you get the lowest life insurance rates possible. This includes eating healthier, exercising more frequently, lowering your blood pressure, etc. Make sure you only work with the best life insurance companies.
FAQs
Most insurance companies require you to be smoke-free for at least 12 months before considering lowering your rates. However, if you do not have at least 12 months since stopping, then high-risk life insurance rates apply. As you may know, this is a substantial difference in price.
No, you need to inform your insurance company that you’ve quit smoking. They may then reassess your policy and potentially offer lower rates.
Yes, insurers often require proof such as a medical examination or nicotine tests to verify your non-smoking status.
Savings can be significant, often 30-50% lower than smoker rates, but this varies based on the insurer and other factors like age and health.
If you start smoking again, it’s important to notify your insurer. Failure to do so could result in policy cancellation or issues with claims.
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Conclusion
As you might know, life insurance for smokers is usually at least two times more expensive than for nonsmokers. In fact, life insurance rates after DUI can be complicated if you still smoke because of the increased risks. If you want to save money on your premiums and actually live a longer healthier lifestyle, it’s time to quit smoking! Get Quote will help you find an affordable plan that fits your needs with no tobacco surcharges in most cases so call us or request our free quote today!
