Since life insurance rates will depend on several factors such as face amount, type of policy, your overall health and insurability profile, etc, the real question is how much MORE does life insurance cost for a smoker.
Most companies differentiate between different types of tobacco use. An occasional cigar smoker may get a better rate than a cigarette smoker. A cigarette smoker could expect to pay 30% to 50% more in premiums depending on their age than a non-tabacco user.
Unfortunately, that is too broad a question to give a specific answer. I can however, point you in the right direction.
Smoking status is just one factor in assessing risks and setting rates. Smokers usually will pay more than non-smokers. The reason for the word usually, as opposed to definitely, is that in Canada some companies approach smoking differently. In other words, they charge smokers different rates based on what and how much they smoke. For example, cigar smokers are generally permitted to smoke 1 cigar a month with many companies to still be considered "non-smokers" for insurance purposes. I suspect it is for purely competitive reasons for cigar-smoking golfers. However, a more realistic approach is allowing 50 cigars a year which some companies take.
I suggest that you look at the online quoting services to get an idea and then work with a local independent agent / broker to get the right policy at the right price.
It is very important that you are truthful when declaring your smoking status as the company can deny your claim if you are not.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
This will depend on a number of factors, but for a given age, gender, and risk class - the premiums for a smoker will be roughly about 50% more than non-smoker rates (can be higher, varies by carrier).
Some carriers may offer non-smoker rates to tobacco users depending on the type of tobacco and frequency of usage. The types of tobacco that carriers may consider for non-smoker rates are cigars, pipe smokers, and chewing tobacco - if you're using cigarettes, you're going to get smoker rates.
To get a realistic projection of cost, you will want to review your height/weight and medical history with an independent agent to identify the risk class you're most likely to qualify for (this determines the premiums for the program), the age of the proposed insured (PI), whether you're male or female, a tobacco user or not, amount of coverage you want to secure/need, and how long you want to have the coverage in place for.
Owner, Best Health And Car Insurance Rates - Instant Online Quotes, US
Life insurance rates for smokers may be less expensive than you realize! Of course, as experienced brokers, our job is to shop, compare and find the lowest prices with the help of our top-rated websites and modern software.
Nicotine use is one of the underwriting factors considered when determining rates. However, other factors, such as use of medications, existing conditions and height/weight will also factor in the determination of prices.
A few general estimates from top-rated companies: (Rates are monthly for a healthy smoker...10-year guarantee):
$39 - $250,000 40 year old male
$19 - $100,000 40 year old male
$33 - $250,000 40 year old female
$60 - $500,000 40 year old female
$29 - $250,000 30 year old male
ALSO...
$109.86 - $500,000 40 year old male 20-year guarantee
The cost of life insurance for a smoker varies with age, gender and build, just as it does for life insurance for a nonsmoker. However, when you throw in a health condition, being a smoker can increase premiums much more than it does for a nonsmoker. Smoking while having diabetes, heart disease, COPD, even osteoporosis, can cause rates to jump exponentially, or even be declined.
One way to get around this can be to purchase a simplified issue life insurance policy. Their smoker rates tend to not have quite as large a variation as medically underwritten policies, and they may not be as strict about the impact of smoking upon that health condition.
There are also medically underwritten policies that treat smokers much better than others. Contact an agency that specializes in smoker life insurance to get your most competitive rate.
Rates aren't that bad. But why not quit smoking? 6 months off tobacco will save you loads of $$$. For a 40 year old male, the very best rates we can get for you is:
20 Year, Non-Smoker $500K coverage $ 29.41/month $340.00/year
20 Year Smoker $500K coverage $125.43/month $1,450.00/year
Not only do you save money if you don't smoke. But the odds are you will outlive your life insurance, which should be your number one goal for your family.
Owner, Best Health And Car Insurance Rates - Instant Online Quotes, US
Life insurance for a smoker costs less than you may realize. Rates for nicotine users have reduced in recent years and many affordable smoking policies are offered by the top-rated companies.
The best prices are typically found by experienced brokers and our top-ranked websites that can accomplish hours of research almost instantaneously. And best of all, the quotes are always free and applying for coverage is simple. That's our specialty.
Here are some sample monthly rates (below). Prices are based on a healthy smoking 35 year-old male:
Rates are based on the most competitive offers at the time of the quote request. Only "A" rated companies were considered. Of course, all policies are subject to underwriting guidelines.
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Most companies differentiate between different types of tobacco use. An occasional cigar smoker may get a better rate than a cigarette smoker. A cigarette smoker could expect to pay 30% to 50% more in premiums depending on their age than a non-tabacco user.
Smoking status is just one factor in assessing risks and setting rates. Smokers usually will pay more than non-smokers. The reason for the word usually, as opposed to definitely, is that in Canada some companies approach smoking differently. In other words, they charge smokers different rates based on what and how much they smoke. For example, cigar smokers are generally permitted to smoke 1 cigar a month with many companies to still be considered "non-smokers" for insurance purposes. I suspect it is for purely competitive reasons for cigar-smoking golfers. However, a more realistic approach is allowing 50 cigars a year which some companies take.
I suggest that you look at the online quoting services to get an idea and then work with a local independent agent / broker to get the right policy at the right price.
It is very important that you are truthful when declaring your smoking status as the company can deny your claim if you are not.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
Some carriers may offer non-smoker rates to tobacco users depending on the type of tobacco and frequency of usage. The types of tobacco that carriers may consider for non-smoker rates are cigars, pipe smokers, and chewing tobacco - if you're using cigarettes, you're going to get smoker rates.
To get a realistic projection of cost, you will want to review your height/weight and medical history with an independent agent to identify the risk class you're most likely to qualify for (this determines the premiums for the program), the age of the proposed insured (PI), whether you're male or female, a tobacco user or not, amount of coverage you want to secure/need, and how long you want to have the coverage in place for.
Nicotine use is one of the underwriting factors considered when determining rates. However, other factors, such as use of medications, existing conditions and height/weight will also factor in the determination of prices.
A few general estimates from top-rated companies: (Rates are monthly for a healthy smoker...10-year guarantee):
$39 - $250,000 40 year old male
$19 - $100,000 40 year old male
$33 - $250,000 40 year old female
$60 - $500,000 40 year old female
$29 - $250,000 30 year old male
ALSO...
$109.86 - $500,000 40 year old male 20-year guarantee
One way to get around this can be to purchase a simplified issue life insurance policy. Their smoker rates tend to not have quite as large a variation as medically underwritten policies, and they may not be as strict about the impact of smoking upon that health condition.
There are also medically underwritten policies that treat smokers much better than others. Contact an agency that specializes in smoker life insurance to get your most competitive rate.
20 Year, Non-Smoker $500K coverage $ 29.41/month $340.00/year
20 Year Smoker $500K coverage $125.43/month $1,450.00/year
Not only do you save money if you don't smoke. But the odds are you will outlive your life insurance, which should be your number one goal for your family.
The best prices are typically found by experienced brokers and our top-ranked websites that can accomplish hours of research almost instantaneously. And best of all, the quotes are always free and applying for coverage is simple. That's our specialty.
Here are some sample monthly rates (below). Prices are based on a healthy smoking 35 year-old male:
$79.31 - $500,000 20-year guarantee
$45.41 - $250,000 20-year guarantee
$30.06 - $250,000 10-year guarantee
$39.83 - $350,000 10-year guarantee
Rates are based on the most competitive offers at the time of the quote request. Only "A" rated companies were considered. Of course, all policies are subject to underwriting guidelines.