Reader’s Question:

I’m thinking of getting life insurance but the problem is that I am a smoker. I know that life insurance rates for smokers like me are quite high. But I’m also thinking of quitting someday. If I do quit, will this affect my insurance rates?

George

Dover, DE

If you do smoke, you life insurance rates are higher and that’s because smoker’s life expectancy is shorter as compared to those who do not smoke. So you’re correct about what you said that insurance rates for smokers are higher.

Remember George, when setting insurance rates for smokers, there’s what insurance companies call the smoker rate. In most cases, if let’s say you smoke one pack a day, insurance companies may offer you the best smoker rate available. That means, you could get the lowest life insurance rate possible for smokers. If you smoke more than one pack in one day, then you may get the standard smoker rates. But let me just remind you, smoker rates are higher than the usual rate that you can get if you are not smoking. The usual difference could be three or even four times more if you are a smoker.

Meanwhile, there are some insurance companies that may give you a non smoker rate even if you smoke occasionally -5 or less cigarettes in a day. And if let’s say you’ve already quit smoking, you wouldn’t be listed on the non smoker category right away by insurance companies. Typically, insurers will consider you a non smoker after one year or 12 months of non-smoking. So, as to your second question, yes you will see a change on your insurance rates if you do quit smoking but that would only be after a year or for some insurers it could even be longer.