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No Exam Life Insurance For Smokers
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Life Insurance For Smokers — And Quitters
Unless you have more in the bank than your beneficiaries need, life insurance is an important part of financial planning. However, if you smoke, you may wonder if the company will insure you. The answer is yes, but you will pay more for your policy than a non-smoker. Here, we break down the best life insurance policies for smokers and tell you what we like (and don't like) about each.
Circle the letter I. Our ratings are based on a 5 star rating. 5 stars is the best. 4 stars Excellent value for money. 3 stars is not bad. 2 stars deserves fairness. 1 star is poor. We want your money to work harder for you. Therefore, our ratings favor products that offer flexibility to lower out-of-pocket expenses. = best = excellent = good = fair = poor
At Prudential Insurance, we were surprised by a few things. For a company that's been in business since 1875, Prudential is one of the most progressive life insurance companies we've ever come across. Prudential will cover smokers, but sometimes offers rates for occasional marijuana users (as long as they don't also smoke). Therefore, if you smoke medical marijuana or use marijuana occasionally, it is unlikely that Prudential will classify you as a high-risk group.
While you can get a quote online, you'll need to work with a Prudential agent to purchase a policy. Like most life insurance providers, Prudential will require a medical exam to check for pre-existing conditions. After you've done your research, you'll need to decide which type of life insurance you want to buy for smokers: term, variable, or guaranteed universal life.
Average Cost Of Life Insurance By Age, Term & Coverage
In addition to its reputation for exceptional customer service, Prudential has an A+ financial strength rating from AM Best.
When it comes to term life insurance policies, look no further than State Farm. Chances are, the same company that insured your parents and grandparents will also offer life insurance for smokers in 2022. J.D. State Farm leads in overall customer satisfaction in Power's 2021 Life Insurance Study.
Finding anything State Farm doesn't like is a challenge. The company offers a 24/7 customer service line, nearly 20,000 local agents nationwide, an AM Best Financial Security A++ rating, and an excellent (and easy-to-use) mobile app.
If you want to do all your life insurance business online or through a mobile app, Northwestern Mutual might not be for you. But if you want to experience exceptional customer service, this is a company worth considering.
Life Insurance: What It Is, How It Works, And How To Buy A Policy
Like the other companies we've mentioned, Northwestern Mutual has a strong reputation for financial strength, earning an A++ rating from AM Best. As a "mutual" company, Northwestern Mutual is owned by its policyholders, just as credit union members are.
If you're looking for life insurance that also pays dividends, Northwestern Mutual's whole life insurance might be just what you're looking for.
J.D. ranks fifth on Power's Customer Satisfaction Index for Mutual of Omaha, a business name that has been a household name since 1909. We like the many policy options that Omaha Mutual offers smokers that some tobacco users may not. Life Insurance Rates
The policy options selected by the company include different types of term insurance and permanent life insurance. While it is possible to buy life insurance online, the options may be limited. It pays to work with a local agent to learn more about the insurance company's full range of products.
Life Insurance For Young Adults
Finally, Mutual of Omaha is another insurer with an AM Best A+ rating for financial strength. In insurance, nothing matters more.
American International Group (AIG) also made our "Best for Smokers" list. While the company has limited options for its waiver policy, regular and lifetime policies are available for customers willing to undergo a physical.
If you are only a smoker, your premiums may be lower than for non-smokers. That's because AIG smokes cigarettes and cigars, especially if the applicant only smokes cigars occasionally.
AIG says the rates are based on the applicant's overall health rather than a single factor, making AIG an excellent choice for smokers.
The Best Life Insurance For Smokers In 2023
Yes, you can buy life insurance if you smoke, but your premiums can be significantly more expensive than what is offered to non-smokers. Statistics show that non-smokers don't live as long as non-smokers. According to the Centers for Disease Control and Prevention (CDC), smokers have at least 10 years less life expectancy than non-smokers. It's all risk analysis by insurance companies, which set premiums while increasing the risk of premature death.
When applying for coverage, it is important to be honest about your smoking habits. If the policy you're applying for requires a medical exam, blood and urine tests will indicate your nicotine levels. If you do not disclose that you smoke, the insurance company may deny your claim.
Let's say you applied for an exam-free life insurance policy and didn't tell the insurance company that you were a smoker. After your death, if the insurance company learns that you smoked or used tobacco products, the life policy will be void and your beneficiaries will not be able to receive a death benefit. While a medical exam isn't required, following the protocol means being completely honest.
The best move is honesty. If you're on the way to quit smoking, there are steps you can take to notify your life insurance company. Later, we will explain what to do if you quit smoking.
No Medical Exam Life Insurance For People Who Smoke
Under Progressive Insurance, insurers determine life insurance eligibility by evaluating each applicant's health and lifestyle risks. Tobacco use is considered a lifestyle hazard. The point is to determine how likely a person is to die earlier than a non-smoker.
There's a lot of good news about what to expect when you quit smoking. The first evidence shows that those who quit smoking before the age of 40 have a 90% lower risk of dying from a smoking-related disease.
And, according to the University of Pennsylvania Medical Center, within 12 hours of your last cigarette, your body excretes carbon monoxide on its own. Within 24 hours, your oxygen levels will increase and your blood pressure will decrease. When you begin to experience the first symptoms of nicotine withdrawal, your senses of taste and smell will improve. Hang in there though, because when you hit the 30-day mark, your lung function starts to improve and so does your physical stamina.
One year after quitting smoking, the risk of coronary artery disease is reduced by 50%. It gets better with time. After one year, you should contact your insurance company to "re-enroll." While some insurers don't accept re-entries, those that do are willing to convert smokers' rates to non-smokers' rates. Your only job is to prove to the company that you have not smoked in a year or more. One way is to have your GP write you a note.
Cost Of Smoking Estimates Run $1 Million To $2 Million In Lifetime
If you think you can quit smoking, be sure to choose an insurance company that allows policyholders to re-enroll.
As with any financial product, it pays to shop around. You are looking for comprehensive and affordable coverage. Rates will vary by company.
If you don't plan to smoke forever, the best life insurance policy for you is one that allows the policyholder to reintroduce tobacco products after quitting.
Let's say all you can afford today is term life insurance, but you really like the features of the more expensive whole life policy. Even if you're not sure whether you'll buy whole life insurance, your best bet is to forego it.
What To Know Before Your Life Insurance Medical Exam
Life insurance is an excellent financial tool for all types of people, including the healthy, those with pre-existing medical conditions, and smokers. The trick is to check out well-rated companies, such as those that make our "best of" lists.
Dana George holds a BA in Management and Organizational Development from Spring Arbor University. He has written and reported on business and finance for more than 25 years and is passionate about what he does. Dana and her husband recently relocated to Champaign, Illinois, the hometown of Fighting Illini. While most people don't think orange is the right color, he thinks they'll really like champagne.
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