Life Insurance Rates for Cigar Smokers

Joseph Meyer
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Occasional Cigar Smoking

While it’s not likely to make a significant difference, the fact is, if you smoke cigars occasionally, your life insurance rates will be about 12 percent higher than non-smokers.

On the other hand, if you are a heavy smoker of cigarettes, your cigar smoking is not likely to make a major impact on your insurance rates. This is because there’s not much difference between a heavy smoker and a light smoker, if one takes everything into account.

Some insurance companies offer non-tobacco rates for applicants who smoke the occasional cigar.

They may also offer discounts for applicants who are willing to make lifestyle changes.

In truth, there is no exact number on how much of a discount a smoker can get if they want to continue smoking cigars. A lot of companies are generous in their considerations, and may offer a 20% or even a 30% discount to smokers.

There may be some other factors insurance companies may consider such as the number of cigars an applicant smokes, their frequency of smoking, the average cost of giving cigars, and the frequency of cigar purchases.

Insurance companies consider cigars more dangerous than cigarettes, and therefore tobacco premiums are higher.

But when evaluating life insurance rates for cigar smokers, insurance companies take into account that cigar smokers are less likely to smoke cigarettes and will not fall prey to as many health risks associated with smoking as cigarette smokers.

However, many companies are fairly lenient when it comes to smoking tobacco products, and, as a result, many smokers end up paying higher premiums for life insurance than non-smokers. Ultimately, the decision rests in the hands of the insurance company and whether or not they’re willing to cut rates despite these habits.

A Life Insurance Policy can benefit everyone in the family.

Life insurance can provide financial security and help protect against the unexpected when a loved one is no longer able to work. Life insurance is a contract between you and an insurance company in which they agree to pay out a specified amount of money to your beneficiaries in the event of your death.

Life insurance policies are based on several factors, one of which is the age of the insured person. The younger you are, the more expensive insurance will be, due to the fact that insurance companies are betting that you will live longer than someone who is older. They also are betting that you are less likely to have accumulated large sums of debt and won’t need to be insured for as much.

This is why smokers are charged more than non-smokers in the cost of their life insurance policies.

Even if you are healthy, and you don’t smoke, your life expectancy is still shortened by seven years because of your habit. While seven years might seem like a relatively short amount of time, several years of a shortened life expectancy actually can add up to a significant amount of money for the insurance company. The same day that you sign up for a policy, you may be charged up to 25% more for your policy because of your smoking history.

The good news is that if you stop smoking, your insurance company can pass those savings on to you in the form of a discount on your premium.