Life Insurance for Smokers

The cost of monthly premiums is one of the most common reasons people do not obtain life insurance. Even if you smoke only occasionally, you may find yourself paying at least twice as much for life insurance premiums as a nonsmoker.

The price increase is usually the result of life insurance companies classifying you as a higher "health and lifestyle risk" due to the negative side effects of nicotine. Many people believe that this only applies to those who smoke cigarettes, but prices for those who chew tobacco or use e-cigarettes are typically higher as well.

Finding the right affordable life insurance coverage for someone who smokes or used to smoke can be difficult. That is why StrongInsurance makes it simple to compare a list of quotes from reputable insurance companies in a matter of minutes.

Simply answer a few questions to begin reviewing your quotes today, and you will be presented with life insurance policy options from over 20 companies, all in one easy-to-view location.

Best Life Insurance Policies for Smokers 

Before we look at what life insurance options are available for smokers, let's define what an insurance company considers a "smoker."

You will be asked if you smoke during the application process. Regardless of your response, most life insurance companies will still require you to take a medical exam in order to obtain coverage. A sample of blood, saliva, or urine will be taken during the exam and analyzed for traces of nicotine or cotinine.

Along with these chemicals, any signs of THC in your system are clear indications that you have recently used cigarettes, chewing tobacco, cigars, vaping pens, pipes, or marijuana, and you will be labeled as a smoker.

There is still a chance that nicotine residue will be found in potential policyholders who have recently quit smoking. To be considered a true nonsmoker, you must have been nicotine-free for at least one year.

This also applies to anyone attempting to quit smoking through the use of nicotine gum or nicotine patches. Even if you're trying to quit, the medical exams that some insurers require will detect nicotine in your system.

Customers who are classified as smokers may be wondering what type of life insurance is best for them. Fortunately, there are a number of policies that will provide you with comprehensive coverage. Term life insurance, whole life insurance, and guaranteed issue life insurance are frequently the most cost-effective options for smokers.

Term Life Insurance

As previously stated, one of the most significant challenges that smokers who want to purchase life insurance face is the actual cost of a policy. In most cases, insurance rates are two or three times higher for smokers than for nonsmokers. This is why term life insurance policies are appealing to smokers.

Term insurance is a low-cost life insurance product that provides coverage to smokers for a set number of years. Policies typically last 10 to 30 years and include a payout to a beneficiary in the event of your death. It is critical to remember that once the term expires, you will need to either purchase a new term policy or seek new coverage.

Whole Life Insurance

A whole life insurance policy is an additional viable option for smokers. The length of coverage distinguishes this plan from term life insurance. As long as your premiums are paid, you will be covered by whole life insurance until you die.

Whole life insurance includes a savings component in addition to lifelong coverage. As a result, some people will incorporate the product into their overall financial plan. Despite the fact that whole life insurance has many advantages, policies are typically much more expensive than term life insurance.

Guaranteed Issue Life Insurance

Guaranteed issue life insurance is one of the most unusual options available. There is no requirement for a medical exam or health screening with this type of policy, making it appealing to those with pre-existing health conditions and smokers.

Unlike other types of life insurance, guaranteed issue life insurance bases your premiums on factors such as age, gender, and amount of coverage. Because it is more risky for an insurance provider to offer such plans, the death benefit is usually limited to around $25,000.

With so many options available, comparing quotes from an insurance agent or multiple insurers can be difficult. As a result, StrongInsurance makes it simple to complete the life insurance application and compare quotes from up to 20 reputable insurers all in one place.

Term Life Insurance Quotes for Smokers 

Shopping for the best plan is a great way to ensure that you not only get the coverage you require, but that you also avoid paying higher premiums. To give you an idea, StrongInsurance has compiled a list of term life insurance quotes for smokers that have been averaged across various term lengths and age groups.

We've also compiled a list of average term life insurance quotes for smokers and non-smokers to give you an idea of what smokers pay for life insurance versus what non-smokers pay.

Best Life Insurance Companies for Smokers

Even though smokers and tobacco users frequently face a difficult time finding a life insurance company, there are several insurers that offer competitive options. Lincoln Financial, Mutual of Omaha, Prudential, American General, and Transamerica are all good places to get a quote. Instead of going to each company to get a quote, you can use StrongInsurance to get quotes from multiple companies.

While prices may still be higher than for non-tobacco users, each of these five companies does an excellent job of offering competitive products and is more lenient on tobacco use. In some cases, you may even be able to obtain coverage without having to undergo a medical exam.

#1 Lincoln Financial

Lincoln Financial offers a no-medical-exam term life insurance policy, making it an excellent choice for those who have a history of nicotine use. By allowing applicants to avoid blood and urine tests, the company has become a favourite among those with pre-existing medical conditions as well as smokers.

They are extremely competitive when it comes to providing life insurance coverage for marijuana users, in addition to their life insurance products. Many people with minor health issues or a small amount of marijuana use can still get better insurance rates than a competitor.

Positives:

• Some products allow you to skip the medical exam.
• Most policies can be completed in a matter of days thanks to accelerated underwriting.
• Rates are lower for marijuana users, pipe smokers, and smokers of cigarettes or cigars.

Negatives:

• Permanent life insurance policies are quite expensive, particularly for younger applicants.
• Lincoln Financial does not offer whole life insurance policies.

#2 Prudential

Prudential is consistently regarded as a top life insurer when it comes to underwriting applicants with complicated medical histories, smokers, and former smokers. Their experience working with applicants from various backgrounds gives them an advantage in providing customized solutions for each customer.

Along with competitive underwriting, the company has a long history dating back more than 140 years. With over 3.7 million clients served, choosing Prudential as your life insurance provider provides you with peace of mind.

Positives:

• A solid reputation that dates back more than 140 years
• Excellent underwriting for applicants with complicated medical histories or who have previously smoked.
• Allows you to make updates and changes to your policy online.
• Beneficiaries can file claims online.

Negatives:

• Premiums for applicants in good health may be higher than for other providers.
• Application processing time can be lengthy, and applications may arrive in the mail rather than via email.
• Customer satisfaction and experience are lower than those of other insurance companies in the industry.

#3 Transamerica

Transamerica compensates for slower underwriting times by offering preferential rates to smokers and cancer patients. Even social cigarette or cigar smokers face higher rates with the majority of companies. The preferred classification at Transamerica can help keep these premiums closer to those of a non-smoker.

Another advantage of purchasing a life insurance policy from Transamerica is that some of their products do not require a medical exam. Instead, during a phone interview, the underwriter will only ask you medical questions.

Positives:

• Rates for basic term life insurance are extremely competitive.
• Medical exams are not required for certain groups of applicants or for policies with less than a certain amount of coverage.
• Smokers and cancer patients can take advantage of preferential rates.

Negatives:

• Applications are typically slower than others in the industry.
• Only a few changes can be made online; the majority must be mailed in to take effect.

#4 American General 

American General offers competitive pricing as well as a wide range of flexible insurance term periods, making it an excellent choice for consumers. If price is an important factor for you, the company consistently comes in with rates that are significantly lower than competitors for term life insurance.

American General also provides a customizable life insurance solution with lower rates, lower death benefits, and a variety of rider options. Those who use marijuana or CBD can also expect lower pricing options.

Positives:

• Pricing is reasonable for a wide range of ages and groups.
• Term life insurance policies that are highly customizable
• People with common medical conditions may qualify for lower rates.
• A.M. Best gave it an Excellent rating, Standard & Poor's gave it an A+, and Moody's gave it an A2.

Negatives:

• Customer ratings frequently rank them low or poorly for unsatisfactory customer service.

#5 Banner Life Insurance

Banner Life has a reputation for having some of the lowest monthly premiums in the industry for people with a history of health problems. Typically, common health conditions such as high blood pressure or smoking result in higher rates, but not with Banner Life. This is a great place to start for shoppers looking for a competitive price.

Banner Life goes above and beyond in regards to term length, in addition to competitive pricing. While most insurers will only provide term life insurance for up to 30 years, they will insure you for up to 35 or 40 years, providing you and your loved ones with additional peace of mind.

Positives:

• Rates are very competitive for smokers and people with similar health histories.
• A wide range of coverages are available for applicants with a complicated medical history.
• Term lengths of up to 40 years are available.

Negatives:

• Temporary coverage is extremely difficult to obtain; anyone with a history of heart disease, stroke, cancer, diabetes, or alcohol or drug abuse within the previous five years is ineligible.
• The individual pays for the underwriting and medical exam for benefit reconsideration, not the insurer.

Find the Right Life Insurance Policy for You

As a smoker, it can be difficult to find a life insurance plan that is both affordable and provides the necessary coverage. Unfortunately, many insurers consider people who have used nicotine in the past to be riskier to insure and frequently charge higher premiums as a result. Fortunately, companies such as Transamerica and Lincoln Financial offer better options for smokers.

The process of identifying and comparing all of your available options can also be difficult. That is why StrongInsurance has simplified the process of purchasing life insurance. You will be shown multiple quotes in one place by answering a few simple questions.

Purchasing life insurance does not have to be difficult, and with the assistance of StrongInsurance, you can be confident that you made the right decision.