How Smokers Can Cut Life Insurance Costs

Quit Smoking Tobacco Products

Smokers always pay more for life or health insurance than people who do not use tobacco, so the first way a smoker can cut their insurance premium costs is to quit. Many insurance companies will give ex-smokers non smoking rates after quitting the habit for a year.

Occasional Cigar? Consider Negotiating

Keep in mind, if you put yourself down as an occasional smoker, you may get charged as much as someone who smokes two packs a day even if you only have a cigar on your birthday and Christmas or dip three times a year when you hunt deer in the fall. In these cases, negotiating with your insurance company may get you non-tobacco user rates. You may be asked to take a test to measure the amount of nicotine in your blood with a saliva or urine test to prove your case.

Preferred Insurance Premiums

Ask your insurance company if they differentiate between preferred and standard tobacco users. "Preferred" tobacco users are those who have the correct weight and blood pressure for their height. Since preferred users are less of a risk for an insurance company to insure than those who have high blood pressure or are overweight, they will get cheaper premiums, sometimes by as much as 50%. Even if you do not fall into the 'Premium' category, some companies that cater to tobacco users also have different breaks in the 'Standard' category. It's always best to shop around before you sign on the line. We recommend starting off by getting a smoker's life insurance quote from Financial One.

Should I Lie About My Tobacco Use?

You can, but you may as well not even buy a policy at all. Insurance companies won't pay out anything if they find you lied on your form. It simply doesn't make sense to jeopardize your family.