t’s common knowledge that those of us who smoke have a shorter life expectancy than those of us who choose not to. As such, term life insurance for smokers is going to be a lot more costly than it is for non-smokers.
Along with shorter life expectancy comes a higher risk that an insurance company will have to pay out on a life insurance policy. Higher risks for the company will in turn mean higher premiums to be paid by the customer in order to reduce the overall financial risk for the insurance company.
Nevertheless, even with the increased expense, purchasing a term life insurance plan as a smoker is still a sensible option.
With the death of a family member comes the potential for – not only grief and mourning, but also impending financial challenges which were not there previously. There may be a loss to the main income source which the family were fully dependent upon. Thus the question has to be asked – how are the monthly bills to be paid?
But it’s not only about monthly bills. There are also funeral expenses, taxes which may have to be settled, as well as probate, and any other financial matters which can and often do crop up. Having a life insurance plan in place will inevitably help to reduce a number of the potential future financial burdens on a family, should the main income earner of the household pass away prematurely.
Reducing the Cost of Insurance
Although it’s common knowledge that if we were to stop smoking then the cost of life insurance will drop dramatically. Smoking brings with it higher risks, and as such it’s much more difficult to obtain an attractive coverage policy rate.
Nevertheless, if quitting smoking is not an option for the time being at least, then there is another way to find life insurance coverage at a more affordable price.
What’s the secret?
Simply taking the time to do more research!
Along with the internet comes a vastly heightened ability to find very attractive insurance coverage rates for many of life’s potential scenarios, and that includes for smokers too. Although it may seem that carrying out this sort of research will be greatly time consuming, that is no longer the case. Surfing the internet makes this whole process much easier than it was previously.
Literally, there are hundreds to thousands of insurance companies strongly contesting with one another for business. What this means is that prices are competitive. After all, it is often the case that the company with the lowest price wins the business.
The internet makes the process of comparing one company’s prices to another’s very easy and very speedy. There are many websites such as:
which allow us to fill out a short form with some basic information. Then, at the click of a button, almost instantaneously we are provided with quotes pertaining to our needs. Finding the best alternative at a lower price can in fact save us hundreds of dollars every single year and it generally takes less than an hour to do so.