Saving on Smoker Life Insurance

Smokers will invariably pay more than nonsmokers for life insurance, but there are ways to reduce the cost of smokers life insurance policies as much as possible. Read on for tips on how to get the most affordable smokers life insurance quotes.

• Buy when you're young. Even if you smoke, your life insurance rates will be lowest when you are young. You should always buy life insurance coverage when you are young and healthy to minimize your premiums. If you are young and healthy, don't put off buying coverage because you don't want to pay smokers life insurance rates. Instead, buy as soon as you can and change your policy once you do quit.
• Compare quotes from various insurers. Smokers life insurance quotes will be relatively expensive no matter which company you select, but you can take advantage of modest savings by comparing the rates of three or more life insurers. All life insurers compute risk differently, so one company many not elevate their rates on smokers life insurance as much as another company. The only way to find out is to get quotes from at least four or five insurers.
• Be honest. It may seem like being honest about your tobacco use will only result in high smokers life insurance quotes, but higher rates are better than no coverage at all. If you lie about smoking on your life insurance application and your insurer finds out, you may be denied coverage. Even worse, if you die and the insurer finds out that your death was related to smoking, your death claim will be denied, leaving your beneficiaries with nothing.
• Manage any smoking-related illnesses. Smoking can cause high blood pressure, asthma, lung problems, and other medical issues that will raise your smokers life insurance quotes even more if they are not under control. Make sure any physical problems you have as a result of smoking are well under control with medication or other treatment. For instance, if you have high blood pressure, you might talk to your doctor about getting antihypertensive drugs to improve your life insurance rates.
• Take advantage of price breaks. Although it's counterintuitive, you may actually be able to get better smokers life insurance quotes on more coverage because of price breaks. Price breaks are when life insurers provide negligibly more expensive premiums for a slightly higher amount of coverage. For example, your smokers life insurance rates may barely increase at all if you up your coverage from $225,000 to $250,000. Talk to your agent about how much your premiums would rise if you increased your coverage to $250,000, $500,000, or $1 million.