Life Insurance for Smokers explained

Learn how smoking can affect your Life Insurance coverage & premiums

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In this guide, we will provide you with some key information you need to make an informed choice about life insurance tailored to smokers’ needs.

Life insurance serves as a vital financial safety net for your loved ones in the event of your passing.

For smokers, it becomes even more imperative due to the associated health risks.

We recognise that the unique circumstances of smokers require specialised insurance solutions that consider their health habits.

Types of Life Insurance for Smokers

  1. Term Life Insurance: This type of insurance offers coverage for a specific term, such as 10, 20, or 30 years. It provides a death benefit to your beneficiaries if you pass away during the term. Term life insurance is a popular choice among smokers due to its affordability and flexibility.
  2. Whole Life Insurance: Unlike term insurance, whole life insurance provides coverage for your entire lifetime. It also includes a cash value component that grows over time. While premiums for whole life insurance are generally higher, it offers both coverage and a savings element.
  3. Universal Life Insurance: This type of insurance combines a death benefit with a savings component and offers more flexibility in premium payments and coverage adjustments. It’s a versatile option that can adapt to the changing needs of smokers.

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Factors Influencing Premiums for Smokers

  1. Frequency of Smoking: Insurers consider how often you smoke when determining premiums. Those who smoke occasionally may receive more favorable rates than heavy smokers.
  2. Health Assessment: Your overall health plays a role in premium calculation. Undergoing a medical examination could help you secure better rates if you’re in good health despite being a smoker.
  3. Age at Purchase: The younger you are when you purchase life insurance, the lower your premiums are likely to be. It’s advisable to secure coverage sooner rather than later.

Tips for Finding the Right Life Insurance

  1. Compare Multiple Quotes: We recommend obtaining quotes from different insurance providers. This enables you to assess the range of options available and choose the one that aligns with your needs.
  2. Work with a Specialist: Collaborate with insurance professionals experienced in catering to smokers’ requirements. They can guide you towards policies that offer comprehensive coverage without breaking the bank.

In Conclusion

Choosing the right life insurance as a smoker involves careful consideration of various factors. Here at LetsGoCover we’re committed to giving you a pain-free way to get quotes from the UK’s largest insurers. All you have to do is fill in our simple 30-second form.