It's often hard for smokers to get great life insurance rates because of the inherent risk of smoking. However, there are options. Even if you smoke cigarettes, you could still be eligible for great rates for Life Insurance for Cigarette Smokers. Insurance rates are based on types of tobacco products consumed. They're also based on how long it has been since you quit smoking. It's even possible to get non-smoker rates if you are a social cigarette smoker, pipe smoker, cigar smoker or if you chew tobacco.
What is consider to be an "occasional" smoker? Should your Life Insurance rates be as high as a "pack a day" smoker?
An occasional smoker is consider to be a person that doesn't smoke on a regular basis. It is just what the name suggests - you occasionally smoke cigarettes, cigars, pipes or use chewing tobacco. It's even possible to get non-smoker rates if you are a social smoker. If you smoke a celebratory cigar, or less than 13 cigars per year you can qualify for non-smoker rates with certain companies. Prudential Life insurance Company has become well in known in the industry as the most competitive for life insurance for cigar smokers, as they are one of just a few companies who will allow these occasional smokers to still qualify for the Preferred Best health class.
Advantage One Insurance can find you the lowest premium from the Best Insurance Companies. We have done all the work, and looked at the different companies for the best rate for you. So you don't have to.
When buying life insurance, smoking carries a high cost. Traditionally, life insurance companies penalized smokers severely, due to their higher rate of mortality. The same way senior life insurance rates are significantly higher due to the fact the older they get the closer to mortality they are. This meant that if you were a smoker and needed to purchase a life insurance policy, your premiums were likely to be as high as three times those of a non-smoker of the same age.
This has changed in recent years, as the life insurance market has grown more and more competitive. Insurance companies have realized that smokers comprise approximately a quarter of the US population, and that the needs of such a large group could not be ignored.
Numerous insurance companies have opted to specialize in smoker insurance, while others have adjusted their definition of what they define as a "smoker." All of this translates into lower premiums for you, a smoker in search of life insurance.
All that said, it is more important than ever that you shop around for the insurance policy that offers the best deal for you. You are considered a smoker if nicotine is found in the urine sample you provide as part of the medical examination your insurance company requires.
It is important to remember, however, that different companies have different classifications for what type of smoker you may be. The ratings you receive can vary from "Standard," to "Preferred," all the way to "Preferred Plus," with "Preferred Plus" offering you the best value.
These ratings will be affected by your general health, but also by how much you smoke. If you smoke only two or three cigarettes a day, you will get a better offer than if you finish an entire pack in the same time.
Not all companies will have this distinction, so it is important you find the one that matches your situation best.
Other companies have adjusted their definition of "non-smoker" and that may result in you being given the non-smoker rates. If you smoke cigars or a pipe, you may be classified as a non-smoker. Many companies impose a limit on how many cigars per month still let you be considered a nonsmoker, so once again, it is in your best interest to shop around.
The last factor you should take into account is what happens to your premiums should you quit smoking. Insurance companies generally have a minimum period during which you must not have smoked before they are willing to consider you a nonsmoker. That period will vary greatly from company to company. Some companies will only consider you a non-smoker after you've stayed away from smoking for five years. Others, however, will lower your premiums after as little as one year of you remaining tobacco-free!
You may also wish to shop around for a new insurance company at this time: Your needs will have changed and you should also be aware that over the years, insurance prices have been dropping. Another insurance provider may offer you even lower premiums to go along with your new, nonsmoking status.