Smoking causes a number of health problems, including an increased risk of heart disease and the inherent risk of developing lung cancer. Smoking is not only an expensive habit; it will also affect your life insurance rates.
When comparing life insurance rates, smokers face much higher premium than a nonsmoker. An example of the different premiums would be for a 20 year policy, $500,000 term policy for a healthy 45-year-old male non-smoker, the average cost would be roughly $55 per month. The same policy for a 45-year-old smoking man would come to $292 per month, which would add up to $70,080. If you add in the cost of smoking a pack of cigarettes a day over that 20 year period, you would be out $129,880.
Life insurance protection is available for smokers, but it comes at a higher cost. It is important for smokers to maintain life insurance protection. Since smokers are at a higher risk of developing serious illnesses, life insurance is important to protect your loved ones from the possible loss of your income.