How Cigarette Use Affects Your Cost of Insurance
You can plan on paying approximately two and a half times the price for 30 year term if you use cigarettes than if you’re a non smoker. The good news is there are some companies whose niche is offering low premiums to cigarette smokers.
You may qualify for non smoker rates if you are able to quit smoking for 12 months and apply for coverage, but we don’t advise you go uninsured for a year, so we recommend applying for a policy now and paying the higher cost, and then if you quit, you can wait one year and replace the policy with a lower cost non smoker rated policy, or apply for a rating reconsideration with your existing carrier.
What some people do if they need to quit smoking is only purchase a 10 or 20 year policy rather than 30 year term life insurance, since their plan is to replace it a year later.
Affordable coverage is also available for most cigar users and social marijuana users. Just select “Yes” for tobacco use in our quote form on the right for a smoker quote.
How Are My Premiums Determined?
There are five main determining variables in calculating your premium. The first is age. Life insurance at 40 years old will cost less than coverage at age 60. The older you are, the higher your premium. Number two is gender. Since men have shorter life expectancies, in general, males pay more than females. You can also add “return of premium” to your 30 year term, which may cost an additional 30% to 100% more, but will return 100% of your premiums to you at the end of the 30 years.
And, Yes, we do insure women.
The third factor is amount of face value. Obviously, $750,000 of coverage will cost more than $250,000. Next is length of term. It costs more to purchase a longer term. The last variable determining your price is your health class. Most companies have preferred ratings, standard ratings, and substandard ratings. The better your rating, the lower your premium.
30 Year Term Life or Whole Life Insurance – Which is Better?
The majority of our clients buy 30 year term life insurance over whole life for a couple reasons. Term is usually more affordable than whole life, for one. Secondly, most people don’t actually need coverage for their entire lives. That’s because life insurance is most frequently used to replace income lost in the event of a spouse’s unexpected death.
Term life insurance does not build cash value, so if you cancel it, you won’t get any money returned to you. 30 year term means the premiums stay fixed for 30 years. If the premiums are too high, you might also look at quotes for 10 or 20 year term policy, which are generally less expensive.
Whole life insurance offers level premiums as long as you live, and builds cash value. If cash value is not necessary, you will actually want a guaranteed universal life policy to age 110. Guaranteed universal life may be guaranteed for life, but won’t build up as much cash value and maybe none at all.
I’d Like To Purchase Term Life Insurance – How to Get Started
Please get a free quote using the form on the right. On the following page, you may request an application for the policy you’d like. Please note if you utilize our quote form, that the information you see requested on the right is all you will be asked to submit, and your quotes will appear on the next page.
We know some other websites ask for pages and pages of personal information before they’ll even let you see a quote. We offer term life insurance quotes from over a hundred companies. If you prefer, call us at 877-996-9383 for term life insurance quotes by phone.