Having life insurance is one of the best decisions that you can make for the security of your loved ones. If something tragic were to happen to you, you want to ensure that they have the money that they need.
Aside from having a life insurance policy in place, it’s vital that you have enough life protection for your family. Not having enough life insurance could leave your family with additional expenses and no money to pay off the bills.
If you’re a smoker, you know that smoking cigarettes is going to raise your risk of being diagnosed with severe health complications later in life. Aside from harming your health, it can also raise your life insurance premium rates.
Just because you’re listed as a smoker on your life insurance plan doesn’t mean that you have to pay expensive premiums that are going to break your bank every month.
Before you apply for a life insurance plan, or if you’ve had your policy for decades, then it’s important to ensure that you have enough life insurance protection for your loved ones. When you’re calculating your life insurance needs, several key factors go into the decision.
Forgetting to account for something or missing a category could leave your family with thousands and thousands of extra debts. Losing a loved one is never easy, but having thousands of dollars of debt is going to make the situation a thousand times worse.
Calculating your Life Insurance Needs
One of the first numbers that you should crunch when deciding how much life insurance to buy is your debts and final expenses. The first goal of your life insurance is to give your family the money that they need to pay off any expenses that they would be responsible for if you passed away.
Be sure to add up your mortgage, student loans, car payments, and any other bills. All of those bills can easily add up to hundreds of thousands of dollars of debt.
The next number that you should look at is your annual salary. If you’re one of the primary sources of income in your home, your family members will suffer if something were to happen to you. The next goal of your life insurance is to give your family the money that they need to replace your paycheck without having to sacrifice their standard of living.
Another factor that you should consider is any possible medical bills or funeral costs that your family could be left with. As a smoker, there is a much higher risk that you’ll have health complication later in life, and if something tragic were to strike you, then your family members would be left with some massive bills.
While you can’t predict the future, you can look at your current health and your family history and make some educated guesses on any health problems you may run into in the future.
Getting Affordable Coverage
After you’ve added up your life insurance needs, you may be surprised at how large the number is. Most applicants are shocked to see that they need a million dollars of life insurance coverage (or more). Thankfully there are several options for affordable life insurance coverage, regardless of how large of a plan that you need.
As a smoker, you’re going to be facing higher monthly premiums, but there are several ways that you can secure lower rates from the insurance company. Making a few simple lifestyle changes could help you keep hundreds of dollars in your pocket every month.
Before the insurance company accepts your application for coverage, they are going to require that you take a medical exam to determine how much of a risk you are to insure with a plan. The results from the exam are going to play a huge role in how much you pay every month, which means that the better the results, the less that you’ll pay.
To get better results, the first thing that you should do is start getting regular exercise. Hitting the gym is an excellent way to help lose weight, lower your cholesterol, and drastically reduce your chances of being diagnosed with conditions like diabetes or health-related problems. It’s time to lace up those running shoes, it could save you hundreds of dollars on your life insurance plan.
The next thing that you should do is consider kicking the cigarettes to the curb. If you want to get the most affordable life insurance coverage, you’ll need to quit smoking once and for all. Smokers are going to pay twice as much for life insurance versus what a non-smoker is going to pay for the same amount of life insurance coverage.
Smokers present a much higher risk to the insurance company, and they are going to offset that risk by charging you higher premiums.
Get In Touch
Life insurance is one of the most important safety nets that you could ever purchase for your loved ones. It’s the best way to ensure that your loved ones have all the money that they need, regardless of what happens to you.
We know that finding the best life insurance policy for your family can be a long and confusing process, especially as a smoker. Luckily, we are here to help make the process as quick as possible.
If you have any questions about life insurance for smokers, please contact one of our agents today, and we would be happy to answer those questions and ensure that you’re getting the best possible plan to meet your needs.