Cheap Life Insurance For Smokers
Reader’s Question:
How much can I expect to pay for in terms of life insurance premiums here in New York if I smoke regularly?
Caitlin
Islip, NY
Admittedly, you would pay much more, about three or even four times more, for life insurance coverage if you are a smoker. Of course, the actual rates will still vary depending on who you choose to provide your life insurance coverage there in New York. As a general example, suppose you get a term life insurance (a form of temporary life insurance coverage) with a death benefit or face value amount of $500,000 over a twenty-year period. You would pay roughly around $27 to $37 on monthly insurance premiums if you do not smoke, as compared to $60 to $80 or more for being a smoker under the same kind of coverage or policy.
You may already know that smoking can cause your lifespan to shorten. What some people don’t realize though is that life insurance companies actually make more business over those who have a higher-risk of dying early since they can charge more. But they charge more because there is a higher probability that they would have to pay death benefits.
If you do decide to stop smoking you, you can definitely look forward to lower life insurance rates after about two to three years of quitting. Most life insurance providers are flexible enough to get your rate down to a non-smokers rate once you are able to demonstrate that you have kicked-out your smoking habit and advocating a healthier lifestyle.
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