In 2021, the Centers for Disease Control and Prevention reported that about 11.5% of American adults, nearly 29 million people, were smokers. Despite the health risks associated with smoking, many of these individuals require life insurance. However, due to the health implications of smoking, life insurance companies often view this habit unfavorably.
But don’t worry, if you’re a smoker, you can still get life insurance. The catch is that you might not qualify for the best rates and might not be able to afford as much coverage as you’d like. You’ll also need to put in some extra effort to find life insurance companies that are willing to work with you.
Here are some of the best life insurance companies for smokers:
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Mutual of Omaha: This company stands out because it doesn’t automatically consider smoking status for certain policies. For instance, if you’re applying for a final expenses policy with a death benefit of up to $40,000, your status as a smoker won’t impact your rates, and you won’t be required to undergo a medical exam.
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Globe Life Insurance: This company offers the best no-medical-exam life insurance coverage for smokers. You can qualify for up to $100,000 in term life coverage and up to $30,000 in whole life coverage without a medical exam.
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John Hancock: This company is great for smokers who are otherwise in good health. They offer a free Vitality GO rewards program that provides discounts on fitness wearables, healthy food, and personalized healthy living advice.
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Fidelity Life Insurance: This company is particularly friendly to cannabis users who don’t smoke excessively. If you’re relatively young and otherwise healthy, you can qualify for up to $1 million in term life insurance at favorable rates without taking a medical exam.
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Transamerica: This company offers no-medical-exam policies to smokers, with coverage up to $2 million.
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MassMutual: This company is a good choice for cigar smokers. You may get non-smoker rates if you smoke fewer than 24 cigars a year as long as you pass a urinalysis with no nicotine.
Remember, the cost of life insurance for smokers could be double or triple the cost non-smokers pay, depending on the company. If you lie about smoking on your life insurance application and the insurance company finds out, it could leave your beneficiaries without benefits. It’s also important to note that most insurance companies consider anyone who has not smoked for 12 months to be a nonsmoker.
So, if you’re a smoker looking for life insurance, consider these options and choose the one that best fits your needs and budget. If you’re thinking about quitting smoking, doing so could qualify you for lower life insurance rates in the future.
