There are all sorts of health reasons to stop smoking. However, did you know that quitting smoking can also save money on insurance premiums?
This is true for life insurance premiums, disability premiums and health insurance premiums.
See the Cost Difference
For example, here are the cost differences for a 40-year-old man purchasing $1 million of 20-year Ohio National term life insurance:
Nonsmoker, healthy costs - $1,405 per year
Smoker costs - $4,755 per year
Why such a large difference? Because the smoker has a life expectancy about 4.5 years shorter than the nonsmoker does.
The impact of smoking and insurance premiums doesn’t stop there. Smokers are also heavier users of the health insurance system and have greater chances of developing certain disabling conditions.
Taken together, total premiums savings can add up to $100,000 or more during a lifetime – enough to vacation around the world, probably more than once.
Switch to Nonsmoker Status
If you already own insurance and your rates were determined based on your smoking status, you can still experience savings. Typically, after you have stopped smoking for a year, many carriers will review your underwriting status to see if you can qualify for a nonsmoking status to reduce your premiums.
Talk to your insurer to see what is needed to switch to a nonsmoking status.
The contemporary life insurance market is way more extensive than a source of income for beneficiaries when catastrophe strikes. With a plethora of options, these plans offer you and your entire family peace of mind, and often give your money investment opportunity to allow you to enjoy the money invested during your lifetime.
Choosing the perfect life insurance plan depends as much on your financial needs as it does on your health class rating. We will assess all factors and guide you through every option until we find the perfect plan for you.
Cosmo Insurance Agency is knowledgeable in various options including but not limited to – term, ROP, permanent and whole - from over two dozen A rated carriers. We are familiar with the rate classifications that particular carriers use to determine the health class of enrollees – and there are significant differences between them. No matter what the results of your medical examination are, we will find the insurer that will provide you will the best rating class and thus the lowest premiums.
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