Anyone who smokes cigarettes or pipes knows that smokers pay a premium for their smoking pleasure when it comes to term life insurance policy rates.
A 44 year old male smoker on the average can pay as much as $1300 to $1400 more per year for a 20-year policy than does his non-smoking male counterpart. A non-smoker can usually secure a 20-year term life insurance policy ($500,000) for around $1100 in annual premiums, but for anyone who admits to smoking at least a pack of cigarettes a day, that premium can skyrocket to more than $2500 annually.
Why the tremendous difference in payments? Smokers greatly increase their mortality through the habit of smoking and insurers know that it’s quite likely that the payout for a smoker term life policy will come much more quickly than for a non-smoker.
And just because a smoker did manage to quit smoking recently doesn’t mean that their rates will go down. Most insurance companies will classify you as a smoker if you admit to any tobacco usage within the past 12 months. And still others will put you into their smoker classification even if you quit smoking two to three years ago. The statistical evidence is pretty startling. Smoking causes 87% of all lung cancer, a cancer category that kills more people annually than other cancer groups, including breast cancer, colon cancer or prostate cancer.
Smokers tend to be a more high-risk group for insurance companies because more often than not, they will die prematurely due to a smoking related illness such as lung cancer or emphysema. Poorer health in general makes individuals who smoke a less attractive clientele base for providers of term life insurance. And studies have found that smokers in fact earn as much as 10% less in wages than non-smokers in the workplace although their habit causes them to pay as much as 150% more for a term life policy. Living life as it should be your choice, but you must know for sure every action there is always a risk that you have to consider. If you really choose to be an active smoker, then become an elegant smoker. The smoke you produce is polluting your environment, so don’t use fuel any more harm. use flameless lighter as your cigarette companion.
The top ranked five best insurance companies for issuing smoker term life policies are Transamerica Life Insurance Company, Western Reserve Life Assurance Company of Ohio, Ohio National Life Assurance Company, Cincinnati Life Insurance Company and AXA Equitable Life Insurance Company