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Smokers: 3 Tips For Getting A Life Insurance Policy

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As a smoker, you might be concerned that you will have trouble purchasing a life insurance policy. However, this does not mean that you should ignore the situation or that you don't need to be covered. These are a few tips that can help you secure the coverage that you need if you're in this situation.

1. Be Honest

It can be tempting to want to check "no" on the life insurance policy application when asked about tobacco use, especially if you aren't a heavy user. However, even though it might not seem like a big deal to fib a little bit so that you can get the policy that you want at a price that you can afford, it's best to be honest. Insurance companies often require medical exams nowadays, and they can test to see if you do use tobacco products. If you get caught, you probably aren't going to get the policy, or you could get a big surprise when you see your new life insurance rates. Additionally, if you pass away shortly after getting coverage, the insurance company might complain that you misrepresented yourself on your policy and might deny the claim.

2. Choose a Lower-Value Policy

As you might already know, smokers are generally charged significantly higher rates than non-smokers when it comes to life insurance. If you'd like to keep your rates reasonable while still making sure that you are covered, choosing a lower-value policy can be a better option. Even many lower-value policies still offer ample coverage to pay for burial costs and other final expenses, and the premiums can be much cheaper, even for smokers. Plus, since the insurance companies do not have to pay out as much money, they often aren't as picky about smaller-value policies, so you might find that getting approved is easier.

3. Opt for Guaranteed Acceptance Coverage

Many insurance companies will want to ask medical-related questions and have a medical exam performed before you can be approved for coverage. With some of these companies, you might find that you will have trouble getting approved as a smoker; this is especially true if you have any health conditions that could be related to your smoking, such as emphysema. However, this does not mean that you cannot get coverage. Instead, you can look for guaranteed acceptance policies. As the name suggests, you do not have to worry about getting turned down for these policies, even if you are a smoker.

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