Reader question:

What is the cheapest life insurance coverage for smokers, or anyhow, former smokers?

Cristobal

Thank you for asking, Cristobal.

Life insurance companies have a tiered system when it comes to smoking, so the cheapest life insurance coverage for smokers, and the availability of it, will very much depend on how long it has been since you took your last puff off of that cigarette (or cigar, or your last chew, or whatever, since all of these also count).

Here is how it goes for most companies when concerning the cheapest life insurance coverage for smokers:

• 1 year without smoking
  • At one year without smoking, you’re still at risk for many complications caused by tobacco and other chemicals within cigarettes. Because of this, you can probably only get substandard rates.
• 3 years without smoking.
  • Although still somewhat risky, your chances of developing health problems due to smoking are getting smaller. You can probably hop up to a standard policy rating now.
• 5 years without smoking.
  • Although not all traces have gone out of your system, in the eyes of the insurance companies you are in the clear, and all things being equal you can get a preferred plan.

take care,

Fashun