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Affordable Life Insurance for Smokers

Finding affordable life insurance for smokers isn’t always an easy task. Cigarette smokers can pay two to four times more for life insurance than their non smoker counterparts. What steps can you take to get a reasonable price for coverage even as a smoker? I’ll explore options for getting the best deal on coverage as a tobacco user in this article. You can always compare quotes right below using our quote tool or keep reading the rest of the article below.

Finding the Best Rates As a Smoker

The first step in getting the best rate on any life insurance policy is getting quotes from the top rated companies. Fortunately you don’t need to go to multiple websites to do that, you can get quotes from all the major companies using our online quote tool on our homepage. So let’s take a few examples to see which companies come out on top for a $250,000 life insurance policy for a 30 year old male, a 40 year old female and a 50 year old male.

$250,000 20 Year Term 30 Year Old Male Smoker:

In this case here are the top 3 Quotes:

  • SBLI: $49.37 Per Month
  • Banner Life: $50.75 Per Month
  • Transamerica: $50.75 Per Month


$250,000 20 Year Term 40 Year Old Female Smoker:

Top 3 Quotes:

  • Transamerica: $70.88 Per Month
  • Banner Life $71.31 Per Month
  • Minnesota Life: $72.60 Per Month


$250,000 20 Year Term 50 Year Old Male:

  • Transamerica $221.16 Per Month
  • Banner Life $224.00 Per Month
  • Mutual of Omaha $228.73

As you can see from the above examples, in each situation different companies come up with the best price. This is why getting quotes and comparing is the first step in getting the best rate as a smoker.

Reducing Your Life Insurance Rate as a Smoker

If you get quotes for life insurance but find that even the best rate is above your budget there are a few things you can do to reduce your rates.

Lower The Term Length

One option to lower your rate is to lower the length of the term of insurance. If you were considering a 30 year term then price out a 25 or a 20 year term. Find a term length you are comfortable with that can also save you money.

Lower Coverage Amount

Review how much life insurance you actually need to have in place. Do you want your family to be able to pay off a mortgage? Do you want to replace your income for 5 years, 10 years? Make a list of what’s important to you and right down how much coverage you absolutely must have. Perhaps you need less than you originally thought and you can save money.

Annual Renewable Term

If you only need coverage in place for a short period of time, consider an annual renewable term policy. This is not a good long term solution as the rate increases every year, however this is the cheapest rate for term coverage initially. The rate does increase every year, however if you only need coverage for a short term then this is a cheaper way to go.

Quit Smoking To Save On Life Insurance

If you intend to quit smoking in the future then going with a short term life insurance policy, such as an annual renewable term makes a lot of sense. Get cheap coverage in place while you are still smoking, and once you quit and are tobacco free then you can apply for a longer term policy at non tobacco rates. As each year continues many life insurance companies will allow you to retest and get even better rates the longer you are free of smoking. Once you are tobacco free for 3 years, then you can qualify for the best possible non tobacco rates – after 1 year of not smoking, you will typically get the Standard Non Tobacco Rate (as opposed to a “preferred” non tobacco rate).

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Liran Hirschkorn

Liran Hirschkorn is the founder of His mission is to help individuals across the country in finding the best rates on life insurance as well as helping individuals with high risk life insurance.

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