How kicking this nasty habit can help you save.
Your life insurance rates are partially determined by your lifestyle decisions. One habit that life insurers are particularly wary about is smoking. This is because smoking and using tobacco products increases your risk for life-threatening health conditions significantly. Because smokers have a higher risk of dying, life insurance providers charge them more for coverage. But what happens if you decide to quit? Here’s how much you could save on your coverage.
- Quit to Save
On average, smokers pay 100% to 300% more for term life insurance than nonsmokers. This is because smoking increases your chances of developing serious health issues such as cancer, heart disease, respiratory disease, and so on. So, not only should you quit smoking for your health, but you should do it for your wallet as well.
- How to Qualify for Nonsmoker Status
If you want to gain access to lower life insurance rates, then you need to be in it for the long haul. Typically, life insurers will not change your status to nonsmoking unless you have quit for at least 12 months. Even then, you will likely have to wait longer to prove that you are clean, usually three to five years. Additionally, reclassification may require you to undergo another medical exam. While this sounds tedious, the amount of money you will save every year makes it more than worth it.
- Does Vaping Raise Your Rates?
Recently, there has been a major jump in the popularity of e-cigarettes and cigars. While e-cigarettes are marketed as a safer alternative to traditional tobacco products, they still pose a serious health risk. While every insurance provider will treat e-cigarettes differently, most will charge the same amount that they charge traditional smokers.
This is how you can save money on your life insurance when you quit smoking. Do you have more questions about your life insurance? If so, then contact the experts at Patterson & Associates in Richardson, Texas. Our dedicated team is eager to assist you with all your coverage needs today.