Life insurance for smokers | the ascent
The earlier you take out life insurance, the lower the premium will be.
Does quitting smoking have an impact on life insurance rates?
There’s a lot of good news about what happens when you quit smoking. The first is evidence that those who quit before the age of 40 reduce their risk of dying from a smoking-related disease by 90%.
And, according to the University of Pennsylvania Medical Center, within 12 hours of your last cigarette, your body gets rid of carbon monoxide. Within 24 hours, your oxygen levels rise and your blood pressure drops. As soon as you begin to experience the first symptoms of nicotine withdrawal, your sense of taste and smell improves. Hang in there though, because by the time you hit the 30 day mark, your lung function will start to improve and your physical endurance will improve.
After you quit smoking for a year, your risk of developing coronary heart disease drops by 50%. And it only gets better with time. It is also after one year that you have to contact your insurer to “return”. While some insurance companies do not allow reinstatement, those that do are willing to change a smoker’s rate to a non-smoker’s rate. Your only job is to provide the company with proof that you have been a non-smoker for a year or more. One way to do this is to ask your family doctor to write a note.
If you think there’s a chance you’ll quit smoking, be sure to choose an insurance company that allows policyholders to come back.
Best life insurance policy options for smokers
For smokers, here are several features of a great life insurance policy:
Provides the level of coverage you need at an affordable price
Like any financial product, it pays to shop around. You are looking for coverage that is both comprehensive and affordable. Rates vary by company.
Gives you the opportunity to reintegrate
If you are not planning to smoke forever, the best life insurance policy for you is one that allows policyholders to return after quitting tobacco products.
Can be converted
Let’s say what you can afford today is term life insurance, but you really like the features of a more expensive whole life policy. Even if you’re not sure whether to buy whole life insurance, the best thing to do is to leave the option open.
Life insurance is a remarkable financial tool, available to all kinds of people, including those in good health, those with pre-existing conditions, and smokers. The trick is to check out top-rated companies like the ones on our “best of” lists.