Life Insurance – Tips for smokers

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Purchasing life insurance is the best way to protect the financial security of your family and you dependents in case anything happens to you. Of course, if you smoke then you are likely to have to pay more for insurance. Some insurance companies go as far as categorising occasional smokers and heavy smokers as the same. Even if you only smoke on a friday night whilst having after work drinks, you are considered as much of a financial liability as a heavy smoker.

 

You are categorised as a smoke if you have had just one cigarette, cigar or pipe within the last year. Those that chew tobacco or use patches are still put into the smoker category. If you have had form of nicotine within the last 12 month period then your insurance premium will be more expensive. Smoking costs a lot as it is, your health suffers and so does your wallet when it comes to purchasing life insurance. Your premiums will always be higher than non smokers. There is still a chance to find some insurance companies that will give you a good quote for your life insurance. Here are some tips when people are looking at life insurance for smokers.

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1) Stop smoking

 

This is the obvious suggestion and might seem a little tough. If you can manage to quit smoking and stop for over 12 months you will be able to make it in to the category of non-smokers, this means you will pay less for your insurance. When comparing the premiums paid by smokers and non smokers, you will see a big difference. The bottom line is that to get a cheaper life insurance quote you need to stop smoking, there is no other way.

 

2) When to apply

 

You should try to apply for life insurance a few years after you have quit smoking, if you have stopped smoking for over two years then the insurance company will consider you less of a financial risk. You might even be able to get a regular life insurance policy. Medical test show that the lungs show clear signs of healing after smokers have quit for 5 years and over, it might be best to apply after 5 years of quitting in order to get the best quote.

 

3) Look for the best deal

 

You should always shop around for the best deal when buying life insurance, smokers/former smokers really do need to shop around as best they can to find the best deal. It is good to try and find a trusted company in your area. It will be difficult to get a low quote so try as many companies as possible!