Smokers Life Insurance
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Smokers Life Insurance - What does it cost?
Most adults need Life Insurance. If you have children, a partner and a mortgage, life insurance will pay out a lump sum of money to your family, if you die within the term of the policy.
Taking out a life insurance policy is the most responsible thing you can do to protect your loved ones if you’re not there to provide for them, so it’s worth every penny.
However, the cost of life insurance premiums vary from provider to provider and depend on whether you pose a health risk or not.
An insurer will assess your application based on your age, general health, lifestyle habits, occupation, and where you live. If you smoke tobacco or vape e-cigarettes, you’ll pay a higher premium than a non-smoker.
Can a smoker get life insurance?
In short, the answer is yes. As most people need life insurance, as a smoker, you can expect to be able to buy life insurance.
If you’ve used any type of tobacco or nicotine products in the last 12 months, a life insurance company will consider you to be a smoker. This includes tobacco products, vaping products and nicotine patches.
Insurers have different criteria relating to smoking and vaping, and will ask questions, such as:
Is vaping considered smoking under life insurance policies?
Yes, if you vape, you will be classed as a smoker by most insurance companies. This is because the vape liquid used in most e-cigarettes contains nicotine.
While some smokers choose vaping over tobacco products as a healthy alternative, vaping is still not proven to be safe long term.
If you use vape products, a Life Insurance Quote adviser will know which insurance providers to approach.
How much more does life insurance cost If you smoke?
As well as your lifestyle habits, the cost of life insurance will depend on the type of policy you choose. The most basic is ‘term life insurance’ or ‘level term Insurance’.
This type of cover protects you for a fixed period of time and pays out a pre-set amount of money if you die within the policy term. As a smoker, expect to pay quite a lot more than non-smokers who buy the same type of policy.
However before you do the comparisons, it’s worth considering the true value of life insurance, which will always trump the cost of the monthly premium, whether you smoke cigarettes or vape.
The average premium for a healthy non-smoker in their thirties is £8.44 a month. If you’re the same age and a smoker you’ll pay around £14.63, slightly more than one pack of the UK’s leading cigarette brand.
As a smoker in your forties, the premium jumps to £34.19 compared with £16.04 for a non-smoker. However, if you were to stop smoking, you could pay less within just 12 months of quitting.
What happens if you start smoking after you get life insurance?
It’s important to be truthful about your smoking habits. If you start smoking after you’ve taken out your policy, you’re obliged to inform your insurer.
If it’s discovered you were a smoker after you have died, your insurer may not pay out on your policy. This will have a serious impact on your dependents.