US smokers are able to buy life insurance. However, nicotine affects health and shortens life expectancy; therefore, smokers pose a greater financial risk to insurance companies. It is more difficult for them to find a company that will offer them insurance coverage, and especially at low rates.
Insurance premiums are higher for smokers, especially if you are older or have antecedent diseases. The cost of insurance varies depending on the insurance company and the type of tobacco use (smoking, chewing, or vaping). Insurers also consider duration and frequency of use, says Jackie Morales, CEO of Bestow Life.
Morales also noted that questions about marijuana were asked separately. Ten years ago, marijuana use might have prevented you from getting insurance, but most insurance companies now accept cannabis users. However, Morales recommends answering all questions from insurers honestly.
Insurers can usually confirm your smoking status through medical examinations. If you give false information and die, your insurance claim may be denied.
If you are a smoker, it is important to live a healthy lifestyle. For example, tell the insurer about regular exercise, a balanced diet and other preventive measures. This will help increase your chances of getting approved for insurance and lower your rates.
Source: https://www.businessinsider.com/personal-finance/life-insurance/life-insurance-for-smokers
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