II’ll bet that you didnt know that Smokers Life Insurance rates can still be affordable you just have to know who to speak to and which carrier to shop.Life Insurance actuaries could rate up the premium by 50% if you are a smoker or tobacco user in some respect.
As I explain this in the easiest way because even if you are a smoker you still need to save money
The life insurance underwriters will want to know that you have not used any tobacco for over one year for you to get the Non Tobacco rates. That would typically be a Standard or Standard Plus Non Tobacco rating.After stopping smoking for two possibly three years you might be able to obtain the Preferred Rate class offered. If you have quit for over five years you just might get the best rates possible. That is if you qualify per the carriers guidelines on all there other health categories.
Below are quick guidelines for the rate class a smoker might obtain
No cigarettes or tobacco 5 years or more: Possible Best Quote
No cigarettes or tobacco 3 years or more: Possible Preferred Quote
No tobacco or cigarettes for overr two plus years: Possible Preferred or Stadard Plus Class
No cigarettes or tobacco 1 year or more: Possible Standard Rate Class
What this means to you is simply how much you are going to pay for your life insurance premiums, plain and simple. Now if you still smoke well then you will simply have to qualify as a Smoker. Those rates will be higher there is nothing you can do about that but bit the bullet.If you are honest with yourself you might just decide to quit smoking to save on the premiums. Hey I’m not knocking you here I do chew tobacco on occasion and I used to smoke as well that’s why I’m writing this post.You see if I did’nt care about your pocket book I wouln’t even have written this article.
Here is the good news, life insurance prices are especially term life are cheaper than they have been in years due to modern medicine extending mortality and the carriers competing with each and running a more efficient company. So we all know how much everyone hates to pay insurance premiums but this is the one insurance the once you have it in force gives you a sense of (hard to explain) calmness?You will sleep a lot better at night knowing that you have this coverage in force for you and your family.
So here is what you do, find a good Life Broker or Agent.You need to make sure they can represent multiple carriers! If they are not appointed with at least ten companies ask them why and make sure the answer is really good. Ask them if they work with a BGA (Brokerage General Agency) that has a multi-carrier platform.It’s possible to get some weird vibes from your broker now because they know now you know what your talking about. Bottom line is you need to get multiple quotes from a number of carriers!
When it comes to Term Life Insurance premiums a lot of the time how much does it cost you will drive the decision on the carrier.You should purchase the most you can absolutely pay for and really now stop the smoking!