Best Life Insurance for Smokers
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Way.com: Find the Best Life Insurance Company
No Medical Exams
100% Online
Get estimates in seconds
4.9/5 Rating on the App Store
Key Takeaways
Smoking is an activity that comes with a cost. A cost that can influence different aspects of life, including buying life insurance. So, how does the activity of smoking influence life insurance rates? Can you buy life insurance if you are a smoker?
Here we look at the types of life insurance available for smokers, the cheapest rates available, and the best life insurance companies if you are a smoker.
Every life insurance policy requires you to fill out forms that will ask you whether you are a smoker or not. You might also have to undergo a nicotine test. So, who are smokers, according to insurance companies?
The criteria for classification can vary according to insurance companies. For instance, you can be classified as a smoker, tobacco, or nicotine user according to what you smoke. If you use vapes, bidis, cigarettes, pipes, cigars, hookahs, dissolvable tobacco, nicotine replacement therapies, snuff, or chewing tobacco, you can fall into either of the three categories.
Some insurance companies designate marijuana users as tobacco users, meaning they can get smoker insurance rates two to three times more than nonsmokers.
However, occasional cigarette smokers will be considered nonsmokers by most insurance companies.
It is not difficult to get life insurance for smokers. However, the rates can be higher when compared to a nonsmoker policyholder. The major reason for the high insurance rates for smokers is their lowered life expectancy rates. Smoking comes with a lot of side effects and therefore increased rates.
| Rating Category | What it means |
|---|---|
| Preferred | Nonsmokers are in good health with conditions like blood pressure. |
| Preferred Plus | Nonsmokers in good health with no medical history. |
| Standard | Nonsmoker with average health and minor conditions or family history. |
| Standard Plus | Nonsmoker in good health, minor condition, higher BMI. |
| Smoker | Smokers with good health |
| Preferred Smoker | Smokers or those who quit with no major issues and no family history. |
| Table Rating | Below-average health |
If you are a smoker, you will be initially categorized accordingly, and the rates will range according to the category you fall into. Therefore, you can purchase term or whole life insurance according to your choice, but the rates will be higher. However, no-exam life insurance for smokers comes with the following features.
If you require quick coverage and don't need a large one, then no-exam life insurance is a good option. These are simplified issue life insurance which offers both term and whole life insurance coverage. However, the death benefit is lower than that of a medically underwritten policy. In addition, these are more expensive than other policies.
| Companies | Coverage Amounts | Policies Offered | Details to Know |
|---|---|---|---|
| State Farm | $100,000-$10 million | ● Final expense ● Term life ● Universal life ● Whole life |
● Should disclose tobacco/cigar/usage on application ● Risk class determined by the underwriting/and frequency of use |
| Transamerica | $100,000-$10 million | ● Foreign national ● Term life ● Whole life ● Final expense ● Index universal life |
● Should disclose tobacco/cigar usage/on application ● Risk class determined by the underwriting/and frequency of use |
| Nationwide | $100,000-$10 million | ● Nationwide WL 100 ● Nationwide 20-pay WL |
● Should disclose tobacco/cigar usage/on application ● Risk class determined by the underwriting/and frequency of use ● Healthy individuals may qualify for no/exam life insurance |
| Prudential | $100,000-$10 million | ● Term life ● Universal life ● Indexed universal life ● Variable universal life |
● Should disclose tobacco/cigar usage/on application ● Recreational use is denied for applicants/21 and under ● Must complete urinalysis to prove no/nicotine |
| MassMutual | $100,000-$10 million | ● Term life ● Whole life ● Universal life ● Variable universal life |
● Should disclose tobacco/cigar usage/on application ● Can smoke up to 24 cigars per year for/non-tobacco rates |
| Ethos | $100,000-$1.5 million | ● Term life ● Final expense ● Whole life |
● no medical/exam life insurance |
The cost of life insurance for smokers is generally higher compared to nonsmokers. Smoking is associated with a higher risk of various health conditions. However, the cost of life insurance for smokers can vary depending on several factors, including age, gender, health history, smoking frequency, and the type and amount of coverage desired. Additionally, different insurance providers may have underwriting guidelines and rating systems, which can influence their insurance premiums.
| Age | Non-smoking average rate | Smoking average rate |
|---|---|---|
| Male age 30 | $309 | $834 |
| Male age 40 | $403 | $1,537 |
| Female age 30 | $287 | $676 |
| Female age 40 | $350 | $1,205 |
| Company | $250000 Coverage | $50000 Coverage | $1M Coverage |
|---|---|---|---|
| AAA | $106 | $177 | $325 |
| Mass Mutual | $90 | $167 | $329 |
| Mutual of Omaha | $85 | $155 | $298 |
| Nationwide | $91 | $169 | $321 |
| Progressive | $90 | $164 | $437 |
| Prudential | $132 | $191 | $375 |
| State Farm | $86 | $151 | $287 |
| Transamerica | $76 | $137 | $248 |
| Company | Preferred Smoker Rate (Females) |
Standard Smoker Rate (Females) |
|---|---|---|
| Banner Life | $130 | $175 |
| AIG | $131 | $176 |
| Transamerica | $132 | $177 |
| Pacific Life | $143 | $197 |
| Lincoln Financial | $154 | $206 |
| Company | Preferred Smoker Rate (Males) |
Standard Smoker Rate (Males) |
|---|---|---|
| Banner Life | $167 | $226 |
| AIG | $168 | $227 |
| Transamerica | $169 | $228 |
| Pacific Life | $178 | $234 |
| Lincoln Financial | $191 | $257 |
A life insurance policy for smokers is a type of life insurance coverage specifically designed for individuals who smoke tobacco products. Since smoking is associated with higher health risks, life insurance policies for smokers typically have higher premiums than those for nonsmokers.
Since the rates are higher than a standard policy, and when compared to nonsmokers, one must disclose whether they smoke regularly.
On average, a smoker pays almost $500 more than a nonsmoker for life insurance policy coverage. However, the cost is highly dependent on age, gender, and the type of smoker you are.
The amount of coverage one needs depends on the needs of the individual. However, it must be noted that the rates are higher than the standard policies.
Your rates will remain the same if you pick smoking after purchasing the policy. However, suppose you have misrepresented the status during the policy purchase, and the company finds out. In that case, they can deny your claim, especially if you pass away during the contestability period.
Lying on a life insurance application, including providing false information about smoking habits, is not advisable and can have serious consequences. It includes policy cancellation, claim denials, and other legal consequences.
Even though the rules can vary with each insurance company, if you haven't smoked for one year or more, you are considered a nonsmoker or someone who has quit.
You probably won't be eligible for the best life insurance rates until at least 12 to 24 months after quitting smoking if you're a smoker who wants to stop. The most cost-effective action in this situation might be to get a short-term, less expensive policy, then buy a longer-term one once you've quit smoking for long enough to be eligible for nonsmoker rates.
However, some providers allow you to purchase the planned coverage and then request a health class reconsideration.
Access your digital insurance card through the app. You no longer need to carry your physical insurance card with you.
Receive reminders before your renewal. Way.com will also send new quotes from up to 45 insurance companies with your renewal reminder.
Keep everyone on your policy up to date by sharing your insurance information.
Make changes to your policy right from the app (coming soon) and ask for expert advice.
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