Fidelity Life: Can Smokers Get Life Insurance?

People who smoke may not have appropriate life insurance policies in place because they think they’re not eligible. But the good news is tobacco users may be able to get life insurance, just at higher rates. So for those who smoke or love someone who does, here’s what to know about who qualifies for life insurance for smokers and why it’s necessary.
Eligibility for life insurance for smokers
There are several factors insurers will consider before issuing a life insurance policy.
How smokers are rated for life insurance
Life insurance companies categorize smokers and non-smokers by risk. Companies may have different names for their classifications, but some commonly used categories are:
Not everyone is classified neatly into preferred or standard rates. That may be because of a health condition like diabetes or cancer. If someone is uncertain how they’d be rated, it’s wise to talk to an insurance company to confirm.
Why smokers may need life insurance
Some smokers trying to quit will delay buying life insurance until they can get a better rate. But if they pass away unexpectedly before that happens, loved ones could be put in a bad financial situation.
The primary purpose of a life insurance policy is to provide financial protection for loved ones, whether that’s replacing income, covering final expenses, or leaving a legacy. For these reasons and peace of mind, it can make sense for a smoker to take out a life insurance policy despite the high rates.
The bottom line
It is possible to get a life insurance policy as a smoker. But smokers can expect to see reduced death benefits and higher premiums as a result. So, if someone takes out a life insurance policy as a smoker and later quits, it’s critical to go back to the life insurance company to explore any policy options and rate changes.
Source: Fidelity Life