For smokers, term life insurance rates are typically more than double the rates on non-smokers. So it's very important that you find the lowest cost life insurance for smokers on the market.
Choosing the right company can save you hundreds or even thousands of dollars every year.
The key in finding the best term life insurance rates as a smoker is using an independent life insurance agency who has access to all the top life insurance carriers on the market. After evaluating your health, we can look at ANY company's rates to see who will offer you the lowest rates as a smoker.
A few important things to know that can mean the difference in saving $1000's of dollars:
Occasional Smokers CAN get non-smoker rates!
If you're a "social smoker" and smoke only 1-2 times per month, you can get Preferred Best (1x max per month) or Preferred (2x max per month) NON-SMOKER rates. You must test negative for nicotine in your system to qualify for these rates and there's only 1 company that offers these non-smoker rates to occasional smokers.
Please call us and we'll provide you with quotes for this company. Please note, if you were given "Smoker" rates from a previous life insurance application and want to re-test for the "Non-Smoker" classification, this non-smoker offer won't apply.
Smokeless Tobacco Users can get Non-Smoker rates!
If you use any form of smokeless tobacco like dip, chew or use a nicotine patch or nicorette gum - you DO NOT have to pay smoker rates. You can obtain non-smoker rates with a couple life insurance carriers on the market. The key is choosing the right life insurance company. We wrote a more detailed article about this here. Or you can call us and we'll provide you with rates.
Cigar smokers DO NOT have to pay smoker rates!
If you only smoke cigars, you don't have to pay the expensive "Smoker" rates as long as you use the right company. Again there are a few companies that will give non-smoker rates to cigar smokers. We provide the details and go in depth for qualifying for these non-smoker rates here.
If you don't fall into any of the above categories and have smoked cigarettes within the past year, finding the best term life insurance rates for smokers comes down to searching the ENTIRE life insurance market.
People always contact us asking for a specific company because they "heard Transamerica was the best life insurance company for smokers". I'll show you below, that there isn't one best life insurance company for smokers. It changes with every risk.
For example, a 40 year male old looking at $250,000 of coverage for 20 years at preferred rates can expect these rates:
So you see Banner Life, Ohio National, Transamerica, Cincinnati Life and ING as the best life insurance companies for this situation. However this isn't the same for everyone. Lets try a different scenario.
Here are life insurance rates for a 50 year old male for $250,000 of coverage for 15 years at standard rates:
Notice that Transamerica has the best rates followed by 2 companies we didn't see in the top results before: Savings Bank Life Insurance and American General.
The reason I'm showing you these results is to illustrate the fact that there isn't a "best" term life insurance company for smokers. It all depends on your age, coverage amount, term length, health situation, state of residence and many other factors.
It's impossible for consumers to find the best life insurance rates themselves. There are so many factors involved.
Our suggestion is to leave it up to an experienced and independent life insurance agent who has access to every top rated carrier on the market.
At Rootfin, we're transparent with our recommendations and show you ALL of your options so you know you'll be receiving the best life insurance for your smoking risk. Give us a call or fill out our quote request form and put us to work for you.