Summary
Smokers pay about 60 per cent more for their life insurance than non smokers. This article looks at what happens if your insurer does not know that you smoke and what happens if you give up.
Smokers And Life Insurance
All smokers know it but ignore it: smoking can damage your health. The problem for smokers is that whilst they can ignore the risks, life insurance companies do not!
It is a proven fact that the likelihood of an early death is increased if you smoke. It will come as no surprise therefore, that life insurance companies charge much higher premiums for smokers. But what might come as a surprise is that on average the premium for a smoker will be 60 per cent higher for a non smoker. Sometimes, depending on which insurance company you are dealing with, the precise surcharge you pay will be influenced by the amount you smoke; after all, someone who has been smoking 4 a day for just 4 years might be a low lower risk than someone who has been smoking 40 a day for 14 years.
Smoker rates do vary between insurance companies, but wherever you search there will be a whopping surcharge added to the equivalent non smokers' premium. An if you get an online quote it is easy to find out how much extra you'll be charged - just get two quotes, one for you as a smoker and one for you as a non smoker. You'll be astounded at the difference. And please, if you decide to get the insurance, make sure you accept the quote which includes you as a smoker. If you buy the insurance as a non smoker when in fact you do smoke, any claim is likely to be invalidated.
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