Life insurance for smokers
Key takeaways
- Whether you smoke now, are a former smoker, or plan to quit, you may have options when it comes to life insurance.
- Term, whole life, guaranteed issue, and simplified issue may all be available to a smoker, but you can expect to pay higher premiums.
- If you quit smoking, you can typically secure much better premiums after a certain period of time.
Can someone who smokes get life insurance?
Smoker vs. non-smoker: comparing life insurance coverage
How does smoking affect life insurance rates? People who smoke – even only on rare occasions – pay more because smoking and tobacco use significantly increase the risk of dying at a younger age compared with people who don’t smoke.
When you’re classified as a smoker, you lower your chances of getting a lower premium rate or a higher death benefit. That said, there are still life insurance options available to smokers. Just know the average cost of life insurance for a smoker will be higher than for a non-smoker for the same amount of coverage.
How quitting smoking can impact your life insurance rates
The good news is that if you stop smoking to improve your health, you may also improve your life insurance options. Both policy options and premium costs may improve over time.
If you’re looking for motivation to stop sooner rather than later, many insurance companies include a waiting period before you can be classified as a non-smoker. This waiting period is usually at least a year. Once you cross that waiting period, your rates could start to drop and reach those of a “never-smoker” a few years after that.
What types of insurance are available for smokers?
If you’re not ready to quit smoking, then you’ll want to seek out the best life insurance for smokers. If you are a smoker but otherwise relatively healthy, there may be a range of life insurance options for you. If you do have serious smoking-related illnesses, you may still have options, but will likely have to pay higher premiums or have a smaller death benefit.
Term Life for Smokers
A term life insurance policy has a level premium and a fixed death benefit. With a term policy, if you survive the term length set out in the policy, you’ll need to apply for new coverage.
If you plan to stop smoking now or recently stopped smoking, a term life policy may be a good option to consider. By the time your policy matures, it could be years since your last cigarette. If you’ve been smoke-free for a prescribed number of years (usually at least 2-5 years), you can apply for a level term life insurance policy and likely get a much better premium for your term choice than you would if you were still a smoker.
Explore Fidelity Life’s term life options.
Whole Life for Smokers
A whole life insurance policy is designed to last your entire life. While whole life premiums will generally be higher than rates for a term life policy, this is especially true for smokers. That said, your premium will stay the same for as long as the policy is in force.
Whole life policies also accrue cash value over time, allowing you to borrow against them or withdraw the accrued value.
Explore Fidelity Life’s whole life options.
Simplified or Guaranteed Issue
If you’re concerned you can’t get or can’t afford standard life insurance, you can opt for a no medical exam life insurance policy. The premiums may be higher and the death benefits lower than those of an exam-based policy, but your protections are still guaranteed. You can feel confident that a no-exam policy offers important financial protections for your loved ones.
Simplified issue life insurance and guaranteed issue life insurance can also serve as a final expense policy if your age and health prevent you from getting a traditional life insurance policy.
Simplified issue is one type of no-exam life insurance for smokers. With a simplified issue, you’ll still need to complete a health questionnaire when you apply. Explore Fidelity Life’s simplified issue options.
Guaranteed issue doesn’t come with any health requirements. It’s typically a good fit for people whose age or health prevents them from buying other types of coverage. Explore Fidelity Life’s guaranteed issue options.
Does smoking void a life insurance policy?
No. If you’re honest about smoking on your life insurance application, smoking will not void a life insurance policy. It’s important to be truthful about your smoking history on your application and during your medical exam. Some insurance companies may test for nicotine during the application process to check if you’re a smoker.
What happens if you’re not honest about your smoking and tobacco use when you apply? If you pass away during the contestability period (the year or two after your death) and your insurer finds out you were smoking or using tobacco products, then the policy may be void, and your beneficiaries may not receive the death benefit.
If you need help or have questions, talk to an agent who can help you find the best policy to meet your needs.
