(PRWEB) November 04, 2013
Smokers will have to pay more for life insurance. This is because of the many diseases and health problems caused by nicotine.
Agencies will offer policies at increased rates in order to cover the potential risks of insuring a smoker. However, life coverage is an important investment and people should not be discouraged from purchasing a policy if they are smokers.
If one is a casual smoker, he or she might get cheaper rates, but normally agencies do not ask how much one smokes and even if they do, there are little chances that they will take one’s answer into account.
Consuming tobacco will increase one’s life insurance premiums. This is best illustrated through an example: two quotes for a 20 year term life insurance policy with a coverage of $200,000. In both examples, the applicant is a 30 years old male.
A non-smoker will get: $12 a month, while a smoker will have to pay $53 per month! As one can see, the rates are almost five times higher in the second example!
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