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How Much Can You Save On Life Insurance if You Quit Smoking?

For many smokers, the tobacco habit can be an extremely shameful aspect of their lives. However, not only can it be difficult to admit just how hooked you are on nicotine, it can be even more difficult to cope with the costs incurred financially. Whatever motivation you may need, it’s always good to know exactly how you could stand to benefit from quitting smoking, including the financial impact smoking has on your life insurance policy. Here are five ways that you can save on life insurance if you quit smoking.

  1. If you quit smoking after you’ve opened a life insurance policy, you will need to be tobacco free for a year before your rate starts to drop. Quitting smoking is incredibly difficult, but with the motivation of slashing your life insurance policy by up to half after the first year that you’ve spent tobacco free, it can really help you to gain some perspective. You can conduct a blood, urine or saliva test after that first year to provide evidence of your tobacco free lifestyle, and you will see your monthly premiums go down dramatically.
  1. It takes 5 years after quitting for your rates to equal those of a non-smoker. Each year that you spend smoke free will reduce your monthly premium significantly, but you will not find yourself paying the rate of a non-smoker until after 5 years. Each year you will need to submit another medical exam to prove your commitment to not smoking, but you definitely won’t regret it when you consider the savings.
  1. On average, non-smoking men save about $1400 per year and non-smoking women save about $1000 per year on life insurance. The amount that you save will completely depend on all of the other factors of your health. Women tend to pay lower monthly premiums because they tend to live longer, and thus, the amount that they save is stretched out over a longer period of time. In any case, men and women alike are not only saving on life insurance premiums, they’re saving on the cost of cigarettes and healthcare as well. What would you do with all that extra money?
  1. If you lie about your smoking habits and your autopsy can prove it, that’s considered insurance fraud, and your beneficiaries won’t receive anything from your policy. Let’s face it, life insurance for smokers is much more expensive than it is for non-smokers, but there’s not really any way that you can fake being a non-smoker when you are dealing with life insurance. So, make sure that you are honest about your smoking habits, because otherwise, you could just be throwing money down the drain.
  1. If you start smoking after your life insurance policy is issued, you’re not required to inform anybody. This also goes for any other kinds of health conditions that you may develop throughout your life. This is why it’s so important to open a life insurance policy while you’re young and healthy, rather than waiting for the inevitable health records and medical history to start emerging.


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