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Understanding Insurance For Smokers

Insurance for smokers is more expensive than that insurance for the non-smoker. With all the insurance companies and their various plans, it can be confusing for the common man to understand which is the right choice.

What is insurance for smokers?

As the name suggest, it is an insurance that provides coverage for smokers. Typically, insurers classify you as a smoker by checking if you have used tobacco in the past year. However, this may differ from insurers to insurers, as some may consider your usage of tobacco as far back as three years for the classification.

Insurance for smokers is more expensive because smokers have a higher chance of being diagnosed with cancer than those who do not smoke. According to the National Cancer Centre Singapore, “cigarette smoking is the primary cause of lung cancer. The risk of lung cancer developing in a smoker is 15-25 times more than for a non-smoker.”

insurance for smokers

Besides whole life Insurance, smokers are also encouraged to buy the term life insurance. Term insurance is a good option for those who do not want to be loaded down by the hassle that comes with whole life insurance. As the name suggests, term insurance covers you for a given period, in the event of your death. If you are the breadwinner of your family, your family will depend on your income. The term life insurance may not be directly beneficial to you, but it will protect, and cover your loved ones in the event of your death.

Lowering the cost of insurance for smokers

The whole life insurance premium rate for smokers is more expensive — up to 30%-40% higher rate than that of a non-smoker. For those who choose to have the term life insurance, the rate is 30-50% higher.

One thing to note, however, is that some insurers do have the same rate across the board, and some have better rates than others.

For example, we know of a whole life insurance plan that charges a smoker at the SAME rate of a non-smoker. That’s a huge bargain!

It is always prudent to gather the information from different insurers, compare and calculate their rates before coming to a conclusion as to which insurance company, and its policy feature is the most suitable option.

For a better computation, reach out to us here, and we will point you in the right direction and aid you in ensuring that you get the most competitive deal for the Smoker’s Insurance.

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Besides insurance for smokers, you may want to read up a retirement plan that provides long-term care without the extra cost for smokers.

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