The need for life insurance in today’s society is obvious to most. Thanks to the ever increasing cost of living, many dependents simply cannot survive if they are not adequately provided for within the appropriate insurance arrangements. But for many, affording life insurance can be a challenge, especially if the insurance companies themselves are reluctant to take you on.

Smokers life insurance

The Effect of Smoking on Life Insurance Premiums

One key sector of individuals that insurance companies are particularly wary of are smokers. When cigarettes were first invented they were actually marketed as a health choice and adults of all ages were actively encouraged to start smoking. However, we now know that smoking is not only unhealthy but can actually increase your chances of contracting some serious illnesses and decrease your life expectancy, which is why a lot of insurance providers are looking the other way when a smoker wishes to apply for life insurance.

For those companies that still do provide life insurance for smokers, the cost of the premiums can be exceptionally high. One study carried out in 2012 showed that life insurance companies can charge individuals who smoke up to four times as much for the same life policy, simply because of their habit. But there are ways to ensure you are getting the best value for money.

How To Reduce Premiums On Life Insurance For Smokers

Obviously a smoker can easily reduce their life insurance premiums in the long term simply by stopping smoking. After only 12 months without cigarettes there is the potential to see great improvements in an individual’s overall health which means less risk to the insurance company and therefore lower premiums.

Though a past smoker may never reduce their premiums to the same level as a consistent non smoker, once you have given up for more than 12 months it is worth contacting your insurance company and negotiating an improved premium based on your new situation.

However, as a smoker, you don’t have to wait a year to start improving your life insurance premium costs.

The first step is to shop around. Don’t settle for the first policy that you find. By using an online life insurance brokerage such as ourselves to compare the range of policies available, it may be possible to significantly reduce your premiums immediately. Remember, if you are changing your life insurance provider, you must ensure your new policy is in place before you stop your existing cover to ensure that you are continually protected.

Furthermore, if you are asked to go for an insurance medical, always agree. The risks of smoking on your health and life expectancy are considerable but they do vary from person to person. If you feel that your level of health is above a normal smoker, providing evidence of this could reduce the level of perceived risk that the insurance company have to take to insure your life and therefore may reduce the overall cost.

Above all be honest.The major reason life insurance claims are declined is because the information provided by the applicant was inaccurate. Even if you get the cheapest smoker’s life insurance possible, if your dependents cannot benefit from your investment, then any premiums you pay will all be for nothing.

For further information please visit our smokers life insurance page.