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Title: Tips for Smokers Buying Life Insurance
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Tips for Smokers Buying Life Insurance It’s a known fact that smoking carries many health effects, such as a higher ...

Tips for Smokers Buying Life Insurance

It’s a known fact that smoking carries many health effects, such as a higher risk of death, chronic disease, diabetes and dental issues. But a side effect of smoking that isn’t as obvious is the increased cost of life insurance. Did you know that if you are currently a smoker, you can expect to pay two to three times as much for a policy than a nonsmoker? The good news is that you can get a policy and if you were a smoker in the past and have quit, your premium cost will decrease.

We have extensive case files that show that people who pose this particular underwriting risk were able to purchase a life insurance policy at a reasonable rate Here are three tips to keep in mind to overcome this obstacle and get insured. (For more, see: How to Buy Life Insurance With an Alcohol History.)

Tip 1: Be Honest

It is very tempting to think, “I don't smoke much at all. What if I stop for a few weeks before the physical exam and tell them I have quit for good?” There’s a term for that: insurance fraud. Don't do it. If you do, you could jeopardize the benefit of getting paid. Plus, any broker who encourages you to lie on the application is steering you in the wrong direction.
When you get prequalified for coverage, you will be required to complete a smoking questionnaire, and it will need to be thorough and accurate for an underwriter to make a fair assessment of the risk involved. Give some thought to the answers so that all parties involved can be confident they know the full story.

Tip 2: Look for Carriers Who Offer the Best Rates

You may not believe this, but you can bank on the fact that some carriers offer outstanding rates to smokers. The life insurance industry has become very sophisticated in underwriting people who smoke. As a matter of fact, non-smoker rates are available for people who smoke cigarettes, cigars, pipes, e-cigarettes, or to those who chew tobacco or Nicorette. This even extends to people who smoke marijuana. (For related reading, see: 4 Things That Keep You From Getting Life Insurance.)

These exceptional rates aren’t guaranteed. A number of factors have to fall in place for you to qualify for non-smoker rates, but the point is this: odds are you can get an excellent rate, even as a smoker.

Tip 3: You Can Always Search for a New Policy

If you need coverage immediately, buy a policy. It’s as simple as that. It makes no sense to postpone a necessary purchase on the hope and prayer that you will qualify for a better rate later. Your insurability is critical, and you simply cannot assume that some medical or lifestyle condition won’t emerge down the road to throw another wrench in the plan. (For related reading, see: What to Expect When Applying for Life Insurance.)
If you're that confident you will kick the habit, then the smart thing to do is to cover yourself while you do so. Then, when you succeed, you can simply re-shop your coverage and go for a lower price. If you qualify, great. Just replace the policy. But if you don't, then you will be very glad you bought the policy when you did. 
And, under very special circumstances, you may even be able to pay non-smoker rates.