How Smoking Affects What You Pay for Life Insurance

Cigarettes are expensive, but smoking costs more than just those packs. Because of the many ill effects smoking has on your health, smokers should expect to pay high premiums for life insurance. Why exactly? Insurance providers calculate your premium based on your risk of dying. Essentially, they want you to live a long life so you continue paying for many years. But smokers often fall ill earlier in life, increasing their risk, and therefore, their premiums.

When applying for life insurance, you often will be required to get a medical exam or fill out a medical history questionnaire. Some people think that it’s worthwhile to lie and say that they’re not smokers in order to save money. However, if the truth is revealed to your insurance provider, your coverage could be dropped on the grounds of insurance fraud. Not to mention, lying to your doctor won’t do you any favors. It’s important that your doctor is aware of your habits so he or she can monitor your health and perform necessary testing.

Coverage may be harder to find for smokers (some insurance providers may refuse to insure you), but plenty of insurance providers do offer coverage to smokers, albeit at a rate that may be up to three times as high as that for nonsmokers. However, just one year after quitting the nasty habit, you may be eligible for nonsmoker rates. Not to mention, it’s a big step in improving your health!

We’ll help you find coverage, no matter the situation. Call First Insurance Group at (800) 511-2892 for more information on Bardstown life insurance.

No Comments