That is a major difference.
Let's take a look at a few examples below:
Example 1: $50,000 Level Pay Life Insurance Policy for a 70 Year Old Male
Example 2: $100,000 10 Year Term Life Insurance for a 65 Year Old Woman
That is 4 times more! Now that is a big, big difference in cost. Both of these examples clearly show that smokers pay more for life insurance coverage. This is one reason why smokers dread life insurance shopping - the cost for a policy is pretty steep.
This is also a reason why many smokers consider quitting. The savings aren't small. We're talking thousands of dollars more if you smoke. So if you decide to quit smoking, then will you automatically qualify for lower rates after 2 weeks? 1 month? How long?
Smoke-Free for How Long
If you have the willpower and determination to quit smoking then I think that would be a great thing to do - for your health and of course for a lower rate on your insurance policy. You see from the example above that you can save hundreds if not thousands of dollars over the life of your policy if you get a non-smokers rate.
Most insurance carriers will consider you a non-smoker after 12 consecutive months without smoking. I can just hear you now - 12 months?! Yes, one full year.
Many times I work with seniors who smoke and I tell them to go ahead and get their life insurance coverage now - at the smokers rate - because at least your loved ones will be financially protected. Then you can work on becoming smoke-free.
If you are able to quit for a year, you can notify your insurance carrier and in most cases, they will change your policy to a non-smokers rate. Some carriers may require you to go through the application process again, but it will be worth it in savings.
What if Quitting is Not an Option?
If quitting is not something that you are willing to do presently, then your best bet is to find the policy that has the best smokers rate possible. This is a little secret in the insurance world. Every company has different criteria to determine what an individual's rate is.
This actually works in your favor. Some companies are very unfriendly to smokers, meaning that they charge a lot more if you smoke. Other companies have reasonable smoker rates. So what you do is make sure you apply for a policy with a company whose rates are friendly towards smokers.
The way you do that is by using a quote engine that has many different carriers so you can be matched up with the companies that offer lower rates than other companies for smokers.
The First Step is to Do a Rate Comparison
As I said, the lowest rate for a senior smoker is to do a simple rate comparison. Luckily, the internet has made this very easy. You no longer have to pick up the phone and call each company one by one and go through your individual information to get rates. You can view multiple rates from several top companies all in one place.
This is exactly what we offer here at lifeinsuranceforelderly.org. Simply fill in your zip code in the quote box and fill out a short one page form with your information, including the type of insurance you are interested in, the amount you want, and be sure to disclose that you smoke. There is quote box at the top of the page and one below this article.
With one click you can view up to 10 rates from different companies. It is really that simple. Compare and save on a life insurance policy for a senior who smokes today!
If you prefer to get rates over the phone or if you have questions about your particular situation, then call 1-877-801-4402 toll free and speak with an experienced insurance professional.
Patricia Jordan is a licensed life insurance agent and managing
editor of the Life Insurance for the
Elderly website and blog. Patricia
assists people in finding the most affordable life insurance policy for their needs. Connect with Patricia on