Supporting a family in 2014 can be a highly costly activity. In addition to rent there are bill expenses, housing expenses, food expenses and other unforeseen costs that may occur. It is important to be prepared for any factors that life may throw at you, such as medical emergencies and unexpected death. One way of ensuring that your family remains financially stable in these situations is by taking out life insurance. This article will provide some information on life insurance for smokers.
Life insurance for smokers will differ from those who are non-smokers. Insurance companies are not always keen to insure individuals who have a higher risk of death or contracting life-threatening illnesses, and smokers fall into this category. Due to this fact life insurance for smokers will generally have higher premiums than non-smokers. To be defined as a smoker by a life insurance company you must have used a tobacco product in the last 12 months. Contrary to popular belief, there is no differentiation between social and daily smokers and both will face the same difficulties when taking out life insurance.
The cost of life insurance for smokers is approximately four times higher than those who are non-smokers. When seeking insurance it is recommended you obtain several quotes before choosing a package. Shopping around is the best way to find a suitable option with low premium rates.
It is important to consider there are different types of life insurance available and the type used is dependent on the individual’s needs. Many will purchase term life insurance because it is the most popular when there is not anything else to choose from. However, you should look into universal life insurance, whole life insurance and equity index life insurance to determine whether you will receive a lower quote as part of another package.