How does smoking impact your life insurance?

If you’re a smoker, there is good news and bad news. The good news is that you can still buy life insurance. The bad news is that it usually costs a little bit more. 

Why does it cost more?

In brief, because smoking risks your health and can lead to health problems at a younger age, life insurance companies frequently charge higher premiums. According to the NHS, smokers run the risk of developing more than 50 major health disorders. Plus, about 78,000 people in the UK die from smoking-related conditions each year.

Am I classed as a smoker?

Insurance companies could classify you as a full-time smoker even if you don’t think you are. You might still have to pay higher rates if you use nicotine-containing items like gum, patches, or vape pens. While different carriers have different definitions, for the most, it doesn’t doesn’t necessarily matter whether you smoke 20 cigarettes a day or occasionally vape – you’re still a smoker.

What if I quit smoking?

Different insurers have different policies. Generally speaking, if you stop smoking and abstain from nicotine for 12 months, you are once again considered a non-smoker.  Your past smoking habit may still affect the cost of your premium, but it should be much less expensive.

What other factors are considered?

When determining rates, life insurance providers consider a variety of potentially life-limiting factors. This includes risky occupations, dangerous hobbies, and genetic conditions. You’ll likely pay more for each of these.

What if I don’t tell my insurer about my smoking status? 

If you deliberately withhold information from your insurer it can render your policy invalid. Failing to disclose your smoking status could result in much higher premiums, your payout being reduced or your beneficiaries being denied their claim.

Compare life insurance quotes today to determine your individual cost and explore your options.