Procrastination is the biggest barrier to buying term life insurance. So too, Canadians think term life insurance is expensive. It’s not. Term life insurance prices have decreased over the last 10 years. People are living longer and are getting healthier over time. That’s good news, because your price decreases as less and less people kick the bucket.
Interestingly, even smokers can get cheap term life insurance. What is great is the chilled approach life insurance companies have towards weed. You can smoke a joint 3 times a week and still be considered a non-smoker. Cigarettes are bad. If you smoke one cigarette, you are considered a smoker and your price will increase. Best not to smoke cigarettes.
A couple points to remember:
- Smoking and tobacco consumption will increase the price of term life insurance.
- Consumption of any form of tobacco, even a single cigarette or e-cigarette, in the last 12 months classifies you as a smoker, for term life insurance purposes.
- Some insurance companies allow the occasional cigar.
- Term life insurance premiums for smokers can cost as much as 50 to 100% more than those for non-smokers.
- If you have quit smoking and not used tobacco for 12 months, you can apply to have your rates reduced to non-smoker status.
Can I get term life insurance if I smoke?
Yes, you can get life insurance if you smoke or consume tobacco. The incorrect assumption that smokers cannot qualify for life insurance of any kind stems from the fact that coverage for term life insurance is much more expensive for those who smoke than those who do not.
How does smoking affect my life insurance?
The stress that cigarette smoking inflicts on one’s body has lasting detrimental health effects. Tobacco consumers are much likelier to have health concerns later in life such as cancer, heart disease, and stroke. While there are many more repercussions to smoking, it is these deadly medical conditions in particular that make a smoker’s life riskier to insure. Thus, term life insurance for smokers, especially those past the age of 40, is more expensive than that for non-smokers.
How much more will it cost if I smoke?
dropdead offers the cheapest price for smokers. We don’t think it’s a good idea to smoke cigarettes, but we do want to get you good cheap term life insurance. If you’re under 45 and smoke cigarettes, the price difference will be less harsh. Over 45 and the price will be about double. Best just to stop smoking cigarettes.
Who is considered a smoker by a life insurance company?
Unfortunately, there is no sliding scale for what is considered as smoking by dropdead. If you have had a single cigarette in the past 12 months, you are considered a smoker.
There are also other tobacco and nicotine-based products that will affect your term life insurance premiums. The use of cigars, cigarillos, chewing tobacco, nicotine gum, and nicotine patches can all be considered the same as smoking by dropdead term life insurance.
There is some leeway with cigars and cigarillos depending on how many you smoke. Generally speaking, having a stogie once a month is all good. You can buy a policy from dropdead as a non-smoker.
Will I have to take a medical exam to test for tobacco or nicotine?
In your dropdead application for term life insurance, you will be asked if you smoke cigarettes and you must answer this honestly.
Even in the absence of a medical exam, it is extremely important that you do not lie in your application. Lying in general is bad, so don’t bullsh!t on your application. If you want to get the best and cheapest term life insurance in Canada, then we need you to be honest.
Can I quit smoking to lower my life insurance premium?
Yes, you can, but it’s not as simple as flipping a light switch. If you decide to quit smoking – for either personal or health reasons, or the potential savings on your term life insurance premiums – there is no immediate effect on the price of your life insurance premium. Instead, you would have to verify you have not smoked cigarettes or consumed any other tobacco products for 12 months. This entails signing a declaration saying just that, and confirmation through medical underwriting (that would most likely include a urine test) to ensure there is no trace of nicotine or cotinine (a nicotine byproduct) in your system. At that time, dropdead would also need a confirmation that there has not been an adverse change in your health.
Other factors which affect life insurance for smokers
Vapes and electronic cigarettes, as well as the flavoured tobacco products used in these devices, are usually considered the same as smoking. Classification for vapers may change in the future, once dropdead has their hands on more research around its effect on long-term health.
With recreational marijuana usage is legalized in Canada, the classification of cannabis smokers has changed. Once upon a time, if you were a recreational marijuana smoker, you would be considered a smoker in the eyes of dropdead. While that is no longer the case, as a casual marijuana user you may still be asked exactly how much marijuana you are consuming. We at dropdead are ok with moderate weed smoking. It’s like going to the gym…. 6 days a week is too much but three times a week is all good. So, puff puff pass…
However, if you mix marijuana with tobacco, then even a single recreational usage in 12 months would classify you as a smoker.
How to buy life insurance as a smoker?