How does smoking affect your life insurance? 

life insurance

Smoking is a dangerous addiction. Not only will this habit make you more prone to health issues, but it is likely that you will find that insurers will categorize you as high-risk. In turn, this will make it more likely that you will be forced to pay a higher premium for your life insurance. We understand that you may have questions about smoking and life insurance. Well, we have the answers to some of the most common questions.

Why does smoking increase the cost of life insurance? 

Your status as a smoker or non-smoker will affect the premium you pay for your life insurance. Even if you have group life insurance benefits, being a smoker could raise the premium of your insurance by at least 40%. In some cases, it could even add as much as 100% depending on the history of your health. It does not matter how many cigarettes you smoke a year. You could only be an occasional smoker and still have the price of your premium raised. This is due to the fact that experts have claimed that occasional smokers are more likely to become regular smokers. In turn, this could affect your health and make it more likely that you will suffer from one of the following health problems: 

  • Stroke
  • Heart attack
  • Cancer
  • Coronary heart disease

The more likely it is that you will suffer from a physical illness, the more risk your insurer will take with insuring you. That is why you will find that they will raise the premium of your insurance. 

Do I have to tell my insurer I am a smoker?

Yes, you do have to tell them. If you lie on your application and you end up getting sick due to a smoking-related illness, there is a chance that your benefits will not be paid to you. Your insurer will ask you to undertake a medical test before they will offer you a price. This includes testing your urine for nicotine. So, if you have lied, you will be found out.

What counts as smoking?

This may seem like a silly question, but honestly, it’s an important one. Your insurer will ask you about smoking in general, rather than just in relation to cigarettes. This means they will ask about whether you smoke a pipe, e-cigarettes or vape. They will also ask you questions about your physical health, including whether any smoking-related diseases run in your family. Be prepared to answer any questions that are asked about your life insurance policy. 

Should I quit smoking?

By giving up smoking, not only are you putting your own health first, but you will eventually reap a variety of financial rewards. Smoking is an expensive habit, so you will be saving money that way, but after 12-months it is very likely that your insurer will classify you as a non-smoker. The best way to find out more is to check with your provider and to claim a doctor’s report to prove your non-smoker status.

With this helpful guide, you will be able to more easily navigate getting life insurance as a smoker or ex-smoker.  

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