Since smoking causes significant harm to health, the LIC policy on smokers is tougher, therefore, buying a policy costs them more. LendEDU and BestLifeRate using data on approximately 35 thousand life insurance policies have analyzed the price difference. The indices included in the report have been collected for a long period, from October 2016 to October 2019.
Smokers spend twice as much on non-smokers on insurance premiums on average. The average annual insurance premium for smokers is $3,977; non-smokers buy the same service for $2,052. The above mentioned figures do not take into account indicators such as age, type of policy or coverage amount, given these conditions, the cost of the annual policy sometimes exceeds $7 thousand.
Photos are from open sources.