Term Life Insurance Quotes for Smokers

term life insurance for a smoker

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Advice for smokers looking to purchase term life insurance

 

So you have decided you need life insurance to protect your family if something happens to you, this is smart but you are a smoker!

Did you know that life insurance quotes increase 400% because you smoke, this is your life choice of course but life expectancy is lower for a smoker so no surprise the cost of life insurance goes up significantly? One option is term life insurance, choosing only to purchase a policy for a certain amount of time, terms range from 5 to 30 years depending on your age and the total amount you wish to be covered for. So if you smoke and donít have a lot of money for life insurance you have two choices in how to get the coverage you need at an affordable rate.

One is to reduce the term, letís say you want the life insurance to cover you until your 75, well as a smoker that is going to be expensive so reducing the term in half, say 10 years will significantly reduce your costs. Two is the amount of coverage, consider reducing the payout of your term life insurance policy, have it cover immediate expenses or funeral costs and no more that way you can get the emergency coverage you need but the high monthly premium wonít be there.

 

The cost of smoking and term life insurance Quotes

Now that you have decided term life insurance is right for you now you have to budget for the cost based on the term that you choose. Letís say you are 55 years old and would like coverage for the next 20 years (term). A quote will take into account your current age and the term of the life insurance policy, so in other words the policy will expire when you are 75 years old. But not only will that be expensive but you are also facing the cost because you are a smoker. Will you be smoking for the next 20 years, maybe not and if so this is something to take into account if you plan on quitting smoking, since it will reduce your rate you may want to get a new policy of at least a new quote to see how much it will lower the rate, it can be quite substantial.

 

 

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