Can you get life insurance if you are a smoker?
Yes! There are life insurance options available for folks who smoke. It just works a bit differently than for non-smokers.
When it comes to premium payments– the cost you pay for your coverage – you may find that they are higher than for a non-smoker.
This is because life insurance providers use health as one of the factors used to calculate your risk of illness and death. The higher risk you are, in general, the more expensive your premium payments.
Smoking, especially over time, can be associated with negative health outcomes that can increase your risk of death. This risk means that smokers may pay more for life insurance than someone of the same age and gender who doesn’t smoke.
You may also need to provide more health information when you apply than a non-smoker.
What makes someone a smoker in the eyes of an insurance company?
If you smoked a cigarette once when you were a teenager, don’t worry – you’re likely not considered a smoker by a life insurance company.
In fact, most life insurance companies only consider you a smoker if you have smoked within the last 12 months.
In terms of what “smoking” means, it usually includes:
- Cigarettes
- Cigars or cigarillos
- E-cigarettes and vaping
- Chewing tobacco
- Pipes
- Other tobacco and nicotine products
- Smoking cessation aids
This will differ between insurers, however, so it’s a good idea to check the specifics of any policy you’re applying for.
Is cannabis use considered to be smoking by an insurance company?
If you vape cannabis or marijuana, you are likely considered a smoker by insurance companies.
Otherwise, you are not usually considered a smoker if you use cannabis.
What happens if you lie about smoking on your life insurance?
It’s important to be as truthful as possible on your life insurance application.
If you're a smoker but tell your insurance provider that you don’t smoke, this could result in your claim being denied or your policy being cancelled.
If you’re not sure about anything on your application, including your smoker status, make sure you reach out to your insurance company for clarification.
Don’t forget: If you do quit smoking, your life insurance policy may allow for the adjustment your life insurance premium payments. And, some benefit plans include some coverage for medication that can help you kick this habit.
Why should you buy life insurance if you’re a smoker?
Just ask yourself: What would happen to your loved ones if you passed away? How would they pay the bills without your income? What about your kids’ education?
Life insurance can help ease the financial burden they’ll face if the unexpected ever happened.
How much does life insurance cost if you’re a smoker?
This will depend on your specific situation and the type of life insurance and how much coverage you’re getting.
Here are a few examples using Canada Life My Term™ life insurance:
A 35-year-old woman who smokes:
- 10-year term ($100,000 in coverage) - $15.70 / month
- 20-year term ($200,000 in coverage) – $47.37/ month
A 40 year old man who smokes:
- 10-year term ($100,000 in coverage) - $23.20 / month
- 20-year term ($200,000 in coverage) – $74.33/ month