As if you didn’t already need a good reason to give up smoking in 2012, here’s another timely reminder of why cigarettes really are the evil weed.
Along with putting you in a high risk group for cancer, making you a social pariah and decimating your finances, there’s another, practical, downside to smoking: smokers find it extremely hard to get low-cost life insurance. That’s because their habit quite rightly places them in a higher risk group where health is concerned.
Higher Risks Mean Higher Premiums When It Comes to Smokers’ Insurance
Ironically, due to the high risk of medical complications ahead of them, alarm bells should be soundly ringing in smokers' ears when it comes to life insurance. Potential medical costs, along with a much lower predicted life expectancy, means there is an even greater need to protect loved ones from financial disaster, should they become seriously ill or die as a result of their habit.
But when seeking out a policy, smokers can expect to pay nearly two times as much as non-smokers for life insurance. For example, whereas a 44-year-old male non-smoker pays approximately around $1200 per year for a $500,000 policy, a smoker of the same age and sex will need to fork out more than $2600 a year in premiums for the same policy.
Even More Reasons to Quit Smoking
Insurance companies will definitely lower premiums for those who give up smoking, but the length of time they require after quitting varies – some will put their premiums down within a year of customers becoming ex-smokers, whereas others will only do so after three years. Plus, a different underwriting criterion means that some insurance companies offer better rates in general for those who smoke cigars rather than cigarettes, or chew tobacco rather than smoke.
To get Better Insurance Rates Smokers should Shop Around
Recent market analysis has indicated that certain insurance companies. In America, the Cincinnati Life Insurance Company, the Ohio National Life Assurance Corporation and the Liberty Life Insurance Company recently gave the best rates on life insurance for smokers. However, this list changes regularly, plus, premiums differ according to gender, age, occupation as well as many other lifestyle factors.
Quit While You’re Ahead
The transition from smoker to ex-smoker is not an easy one, but considering the benefits – to health and finances, including life insurance, the choice to quit or not seems a no-brainer.
For advice on how to stop smoking visit
Thora Fitzpatrick - Professional and trusted writing published right across the globe
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