Life insurance is one of the most vital investments that you’ll make for your loved ones. It’s one of the only ways that you can protect your family, even if something tragic were to happen to you. This article is going to look at some of the factors you will need to consider when you’re shopping for life insurance protection. Don’t let anything keep you from getting the coverage your family deserves.
One of the most common reasons that people don’t buy life insurance is because of the costs, but it most cases, a life insurance policy is much more affordable than applicants think.
There are 40 million adults over the age of 18 that currently smoke cigarettes, and that means a lot of these people are going to be looking for life insurance coverage at some point. One of the most frequently asked questions that we get is, “is smoking going to impact my life insurance premiums?” and the answer is yes. Being listed as a smoker is going to play a role in your life insurance policy, but there are several things you should know that could help you get the best policy available as a smoker.
How Smoking Changes Your Life Insurance Plan
When you apply for a life insurance policy, the insurance company is going to want to know several things about you, they will want to know your age, gender, how much coverage you want, an idea of your overall health and they will also want to know if you use any tobacco products. If you’re a smoker, it’s going to play a huge role in how much you pay for your coverage or your chances of being accepted for the plan.
To calculate your monthly premiums, the insurance company is going to determine how much of a risk you are to ensure, the higher risk, the more your way for the coverage. Smoking cigarettes and using other forms of tobacco drastically increases your risk of having severe health complications later in life, which means you’ll be a larger risk to ensure.
With most insurance companies, being a smoker is going to cause your premiums to go through the roof. On average, smokers are going to pay twice as much for coverage than what a non-smoker is going to pay. For example, for a $1 million insurance policy for a healthy 25-year-old male who doesn’t smoke, he would pay around $50 a month, on the other hand, he would pay $155 every month if he was a smoker.
As you can see, smoking has a huge effect how your life insurance premiums, but that shouldn’t stop you from getting the life insurance protection that your family deserves. Not having a plan is one of the worst things that you can do for your loved ones.
Do I Need A Million Dollar Policy?
There are hundreds of thousands of households that don’t have enough life insurance coverage. Most applicants are stunned to hear that they need to purchase a million dollar life insurance plan. If you’re looking to buy life insurance, one of the first things you need to do is calculate your life insurance needs. Several different factors go into determining how much coverage that you need.
The first is your debts. One of the primary goals of life insurance is to give your family the money they need to pay off any expenses that you would leave behind. Otherwise, your family members could be left scrambling to pay for your mortgage, student loans, credit card bills, and much more.
The next factor you need to account for is your annual income. The secondary goal of life insurance is to replace your salary and give your family the money they need to pay for necessary expenses. If you’re one of the primary income earners in your household, your loved ones would experience financial suffering without your paycheck, but that’s where your life insurance comes in. It gives your family the money they need to protect their standard of living.
Getting The Best Rates
Because you’re a smoker, you’re going to pay more for insurance coverage, but that doesn’t mean that your policy premiums have to break your bank every month, there are several ways that you can get lower rates.
The obvious way that you can save money is to cut out the cigarettes. Smokers pay twice as much for their insurance coverage. If you want to save thousands of dollars every year, then quitting smoking is the best way to that. You can drastically trim down your premiums every year. Quit smoking for at least one year. Your health and your wallet will both thank you.
The first is to focus on your health. After you apply for insurance, the company is going to schedule an appointment with a paramedic to complete the medical exam (unless you choose a no exam policy), the results from the health exam are going to play a role in how you pay for your coverage. If you want to get the best rates, you’ll want to improve your health through a diet and exercise.
One less popular way to save money on your plan is to be a safe driver. When you apply for life insurance, the company is going to pull your driving records from the DMV. If you have several speeding tickets or accidents on your records, then you’re going to be more of a risk to the insurance company. If you want to get the lowest premiums on your life insurance plan, you need to slow down on your morning commute and put that cell phone down.
The best way to ensure that you’re getting the best rates for your policy is to work with an independent agent, like ours. Unlike a traditional agent, we represent dozens of different companies across the nation and can help you get the best policy to fit your needs. Each company is different, and all of them are going to look at smokers differently, some companies offer much better rates to smokers than others. Finding the right company could be the difference in saving thousands of dollars or being rejected for coverage.
Working with an independent agent saves you both time and money. Because there are hundreds of different insurance companies, you could spend weeks calling companies, but instead, let us do the work for you. We can give you the lowest rates from the most highly rated companies.
No Exam Life Insurance
If you want to get a million dollars of coverage without taking the medical exam, you might run into a few problems. There are a few companies on the market that offer a millions dollars of life insurance without the exam, but those companies are rare. As a smoker, you’re going to be extremely limited on the number of options for no exam coverage.
Before you buy no exam life insurance, there are a few pros and cons you should be aware of. The most notable drawback of these policies is you’re going to pay more every month for these plans. Without the health exam, the insurance company is taking more risk to give you coverage. The offset any additional risk by charging higher premiums.
One of the advantages of these policies is you can get approved for life insurance much fast than you can with a traditional policy. A normal policy is going to take anywhere from a month to two months to be approved for life insurance. If you don’t want to wait that long, then you can purchase a no exam policy.
Smoking And Life Insurance
Because life insurance is such an important purchase, it’s vital that you make the best decision to protect your family. There are dozens of different policy types and companies to choose from. It can be overwhelming and frustrating trying to find the policy for you. We at MillionDollarLifeInsure.com are here to help you obtain the quotes and information you need on the best policy to fit your needs.
Don’t wait any longer to get the insurance protection that your family deserves. You never know what’s going to happen tomorrow, which means that tragedy can strike at any moment. Don’t wait until it’s too late to have the peace of mind knowing that your family will be taken care of, regardless of what happens to you.
Not only can we help connect you with the best possible plan for you and your family, but we can also answer any questions you might have about life insurance. We understand the benefits of each type of policy, can help you decide how much coverage you need, and walk you through the application process. Our agents have years of experience working with all types of clients across the country.