As a smoker you know that buying life insurance is going to be a lot more expensive. In fact, in a recent analyses I did I found those that smoke will pay anywhere from twice as much to far more depending on how long you’ve smoked and your current health conditions.
To prove my point I ran a quote for a 60 year smoking male for a $100,000 policy and I found that his monthly premium would cost him $213 a month. Compare that to a 60 year old nonsmoking male and your only looking at $104 a month, so in this article I’m going to show you 3 ways on how to find affordable term life insurance rates for smokers.
Death Benefit
First off, one of the big things you can control when setting up a policy is how much coverage you plan to get. However this will all depend on your current financial situation but if you don’t have any financial obligations or debts such as a mortgage or credit card debt your best bet will be to go with a policy of a $100,000 or less.
The reasoning behind this because it will be far cheaper. In fact, one of the big misconceptions is that the more coverage you have the better off you’ll be, but in reality you only need enough to cover any major financial obligations and if you don’t have any issues with debt you may even want to consider going with a low death benefit of $25,000. This would be enough to cover the funeral cost and have a little left to spare.
Term Of The Policy
The next thing you can do to cut the cost is to go with lower term policy. What most people don’t realize is that term policies can be setup to last as short as 10 years to as long as 30 years. On top of that what most people also don’t realize is that shorter term policies can cut the cost big time even with the same of coverage.
For example, for a 60 year male smoker the cost for a $100,000 thirty year term policy would run around $213 but if he were to go with a 10 year term policy it would only run him around $92 a month saving him over $120 a month. Not a bad deal.
Quit While Your Ahead
The final option you have to save some big bucks on your life insurance policy is to quit smoking altogether. In fact if you were to quit smoking and apply for a policy one year later you would see a major savings by just doing that.
For example, a $100,000 policy for a 60 year old male smoker would again cost around $213 a month but if he were to quit smoking and apply one year later his cost would drop to around $140 a month. However, I should mention that this also depends on your current health conditions as well, because if you are facing other medical issues it will certainly drive the cost up.
Final Thoughts…
As a final thought if you have applied for several policies and have been turned down you may want to consider a guaranteed acceptance term life insurance policy. This type of policy offered through the AARP can guarantee you up to $15,000 in coverage no matter what your health condition. To learn more read this article and it will walk you through how guaranteed life insurance works, the pros, and cons as well. So get started today.
