You know this if you use tobacco dip as opposed to smoking cigarettes.
If you do chew tobacco, or use tobacco dip and paying a smoker rate on your life insurance, you are overpaying for your life insurance policy. If you haven’t yet gotten life insurance, but looking at options and you use tobacco chew, then you have come to the right place to get the information you need on life insurance for tobacco chewers.
The majority of insurance companies consider chewing tobacco the same as smoking cigarettes. That means that they charge you tobacco rates, which can be three times as much as non-tobacco rates (keep reading to see my example). However there are a few insurance carriers that will offer you non-tobacco rates if you use chewing tobacco. The key is to work with an insurance agency that represents those companies and knows which ones they are so that you can get the best rates on life insurance for tobacco chewers.
Chooseterm.com is an independent life insurance agency. We represent over 30 of the largest, highest quality life insurance companies. A few of those companies do offer non tobacco rates for chewing tobacco and we can help you get a non tobacco rate if you are in this category.
Here is an example of the difference in rate for a $500,000 20 year term policy for a healthy 45 year old male:
A 45 year old who chews tobacco can get a non-smoker rate for a 20 year term for $101 a month:
If that same 45 year old applies with the wrong insurance carrier, and gets a smoker rate, that same 45 year old would pay $295 per month!
The difference is $2,328 per year, or $46,560 over the life of the policy! What could you do with an extra $46,560?
The example above highlights the importance of working with a life insurance agency that finds the best policy for you.
If you use dip or chew tobacco contact us so that we can provide you with a quote and help you get non smoker rates for your life insurance policy and get the best rates on life insurance for tobacco chewers.
Author: Liran Hirschkorn