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Senior Smokers Life Insurance - How Smoking Affects Your RateSenior Smokers Life Insurance Rates
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Are you a senior who smokes and you are also looking to obtain affordable life insurance coverage? If there is one thing that is certain in the life insurance world it is that smokers will always pay more for their life insurance coverage.

This is a fact, but it doesn't mean that you can't still get an affordable rate on senior life insurance coverage. You just need to be smart in your shopping. This will determine how much more it will cost you.

Learn more below or compare rates now.

How Smoking Affects Your Rate

You have to think about this from the perspective of the life insurance carrier. They are in the business of offering life insurance coverage in exchange for a certain amount of premium. We also understand that they are in the business to make a profit.

Policy holders who live longer end up paying for longer. This ensures that adequate monies have been paid into the policy so that when it comes time to pay out benefits, the insurance company won't be losing money.

What about those who have health issues or those who die young? This is what the insurance company considers risky. They also associate smokers with risk because there is a correlation between certain health issues like cancer or hypertension and smoking. It's that simple.

How Much More Do Smokers Pay?

This is where it can get a little tricky because all carriers have their own criteria. I always knew that seniors who smoke pay more for life insurance but I never really paid attention to just how much more that is.

I ran some scenarios and realized that smokers often pay 3 to 4 times more for life insurance.

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

Non Smoker: $2468 per year. Smoker: $3259 per year

Example 2: $100,000 10 Year Term Life Insurance for a 65 Year Old Woman

Non-Smoker: $663 per year. Smoker: $2547 per year.

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!