What Type Of Life Insurance Is Best For A 50-Year-Old Smoking – More Expensive Than You Think?

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Smoking – More Expensive Than You Think?

Are you a smoker? Have you tried kicking the habit? Chances are you have, but like any addiction, it can be (and usually is) very difficult to stop, and rarely lasts for long even when you try to cut back. Part of the problem is that smoking can be very pleasurable, but often times certain things come up that take away that pleasure right off the bat. Unfortunately, “something” is usually a loss of health.

The insurance industry is well aware of this fact, so it’s no surprise that they try to make sure they don’t lose money by covering high-risk customers with low risk rates. At the same time, non-smoking customers of life insurance are under increasing pressure to seek lower premiums. This is where the internet comes into play.

As it used to be, at best, anyone looking for a competitive quote for life insurance had to be prepared to spend a lot of time scouring advertisements and phone directories for possible companies. They must also be prepared to spend hours gathering information on the phone, then settle down for long, careful comparisons and scribble confusing and often illegible notes on scraps of paper.

But everything has changed. Now all they have to do is go online and check out the companies they want. They will find information presented very carefully for maximum clarity, as a confused enquirer is highly unlikely to become a customer. The “price war” decision is now easy to make and some very competitive offers can be made. However, this competition has inevitably had an impact, as insurers have had to tighten their procedures or risk losing money at lower margins.

So they’ve hit the obvious target – smokers. While life insurance premiums for non-smokers have been steadily declining, premiums for smokers have gone in the opposite direction. This has resulted in rates of smokers that are 100% or more above the norm and are still climbing. This, combined with the cost of cigarettes (currently estimated to be close to £100,000 a lifetime and climbing) means that anyone who still smokes must resolve not to curtail their enjoyment.

Critical illness insurance is another type of insurance that many people purchase to provide financial security for family members in the event of loss of income due to a long-term illness. It goes without saying that it will also be more expensive for smokers, simply because they are more susceptible to such diseases due to their addiction.

So, do you persevere and continue to enjoy the pleasure of smoking, or do you succumb to financial pressure (not to mention the prevailing anti-smoking climate) and give up the habit. The sad news is that even if you bite the bullet and quit, you’re not out of the woods (or Woodbines) for at least 12 months or more as far as insurance companies are concerned. Some may require at least five years to quit smoking completely – contact your prospective insurance company after 12 months of quitting completely to see what the premiums are now. Significant cost reduction should be obvious.

There are people who still smoke cigarettes furtively in dark corners and claim to have quit to deceive themselves and their friends. It’s up to the individual, but don’t try it with your insurer; for a relatively low-key investigation, debunking lies isn’t too difficult, and your cover-up (both meanings of the word!) will be unmasked. All efforts, tricks, self-deception will be in vain. You will not be insured.

Yes, you have made commendable and not insignificant efforts and you are now a non-smoker. When you check the “No” box on a form that includes a smoking inquiry, you feel a little proud. Take advantage of your position now, go online and shop around for an insurance quote. You might be pleasantly surprised by some of the job offers you receive, but don’t let your euphoria overwhelm you. Acting too early, before everything is confirmed, could get your policy with the old company canceled and cause the new company to reject your oversight; no cover as a result. Go through the details, nail down all the numbers, and change to your new insurance company.

Finally, don’t let these savings just disappear. Add the savings from buying cigarettes to the savings on lower premiums and invest it, and you can see the total climb!

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