Why you should quit smoking if you want to lower your life insurance rates.
When you apply for life insurance, the insurance company will ask you several questions to establish your risk. One of the first things they will ask you is whether or not you smoke or use tobacco products. This is because smoking and vaping increase your chances of developing a life-threatening medical condition significantly. To offset this risk, life insurance companies will charge you more for your coverage. If smokers want to lower their life insurance rates, then quitting is their best option. Here’s what you need to know about smoking and your life insurance costs.
On average, smokers pay 100% to 300% more for term life insurance than nonsmokers. This is because smoking increases your chances of developing serious health issues such as cancer, heart disease, respiratory disease, and so on. So, not only should you quit smoking for your health, but you should do it for your wallet as well.
If you want to gain access to lower life insurance rates, then you need to be in it for the long haul. Typically, life insurers will not change your status to nonsmoking unless you have quit for at least 12 months. Even then, you will likely have to wait longer to prove that you are clean, usually three to five years. Additionally, reclassification may require you to undergo another medical exam. While this sounds tedious, the amount of money you will save every year makes this effort more than worth it.
Because life insurance for smokers is so expensive, many believe that they should put off getting a policy until they kick their bad habit. However, procrastinating on life insurance is risky for you and your loved ones. Because quitting can take time, your family might be without financial protection for years at a time. Rather than leaving your loved ones in financial risk, it’s better to secure life insurance coverage as soon as possible. While this will mean higher costs, you can eventually unlock savings so long as you remain committed to quitting.
This is how you can save on your life insurance when you quit smoking. Do you have additional questions about your life insurance coverage? If so, then contact the experts at Randy Jones Insurance Services in Pleasanton, California. Our dedicated team is eager to assist you with all your personal insurance needs today.