The Effects of Smoking on Whole Life Insurance Premiums

Life insurance premiums costs are decided by multiple factors. Amongst those factors, health and age are of primary importance. Best rating will be granted to those that are able to certify their excellent physical shape while they are still young. Clearly, smokers do not meet the required parameters.

stop_smokingTheir habit influences not only the prices, but also the chances of being accepted for a series of policies. In this blog we will discuss more about the effects of smoking on whole life insurance premiums.

Whole life insurance is a permanent policy. Those that apply for whole life insurance want to keep it active for several decades at least. Insurance companies that sell whole life insurance have second thoughts in providing life insurance to smokers. Smoking is typically considered a chronic disease that can have long term of even permanent effects on the smoker.

Pulmonary cancer is the most obvious and well known secondary effect of cancer. Unfortunately, the mortality rate for people suffering of lung cancer is alarmingly high.  That is the main reason why companies do not accept that easy smokers. For them it matters not that you smoker regularly or occasionally. As long as you used a cigar or cigarette in the past 12 months, you are considered and active smoker and you will be charged accordingly.

The big question is how much is the difference between life insurance premiums for smokers and those for nonsmokers. Well, there are great differences, because some other factors will count in, some of them related to smoking and medical history. So, you can expect paying starting from 10-20% more, but in some cases the premiums can be even double or more. The best thing to do is to compare prices via life insurance quotes.

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