Whole Life Insurance for Smoker in Illinois
Reader Question: Can I get a whole life policy if I am a smoker? I like the idea of getting some of my money back.
Mary
Mary,
Wouldn’t it be great if everyone could get money back from their policy if they didn’t use it? Unfortunately that is not the way it always works. It is true that some whole life policies act as an investment tool. If you live to the agreed upon age at the end of your whole life policy there is a payout. The downside is that a smoker would be charged rates almost 50% more than a non-smoker.
You have two choices, first stop smoking. Not only is it bad for your health, it is also bad for your pocket book and really limits your choices in life insurance. Your second choice if you don’t want to stop smoking is to buy a term life policy for less money and use the extra cash you saved to invest.
Cheap Life Insurance for Occasional Smoker in Illinois
Reader Question: I live in Illinois and I am looking for life insurance. How much do you have to smoke to be considered a smoker?
Jeff
Jeff,
By your question I am going to assume you are not a heavy smoker. So if you are an occasional smoker most insurance companies will classify you as a smoker. They don’t care if it is only socially or once and awhile and as a smoker you will be charged higher rates. Let’s face, smoking is really bad for you and there have been many people that have died prematurely from smoking related illnesses. If you don’t smoke a lot go the extra mile and quit. Not just for your pocket book, but for your health and the loved ones that you want to protect with the life insurance policy.
There are a small number of insurance companies that specialize in providing coverage for smokers. They determine the rates according to the kind and frequency of your tobacco usage. An occasional smoker may be able to get rates comparable to non-smoker rates from another company. Only way to be sure you are not is to get rates from these companies. Use a good service that will get the quotes for you.
Thanks for your question Jeff. I hope it helps.