Finding life insurance as a smoker is possible
Finding life insurance as a smoker can be challenging, and you may have fewer affordable options than your non-smoking counterparts. The same may hold true if you smoke marijuana, vape, or have recently stopped smoking.
Although you may need to shop around, you should be able to find a suitable policy. To help people who smoke who are looking for life insurance policies, we reviewed policy price, coverage options and limits, and other features before making our top choices. Continue reading to find out which companies made our list of the best life insurance for smokers
Mutual of Omaha
Why We Chose It: With a range of policies, excellent reputation, and the possibility of preferred health ratings to former smokers, Mutual of Omaha was our overall choice for the best life insurance for smokers.
WHAT WE LIKE
- Range of policy options for people who smoke
- Tobacco use may not result in increased rates
- Online quotations and purchase
- Excellent reports of client satisfaction
WHAT WE DON’T LIKE
- Limited online account management
- Buying online reduces coverage options
Many insurance providers automatically classify tobacco users in a more expensive pricing range than non-smokers. However, Mutual of Omaha does not always take someone’s smoking, vaping, or tobacco chewing into consideration when qualifying them for a life insurance policy, making them our overall top pick for life insurance for people who smoke.
If you are between the age of 18 and 80, you can buy a term life insurance policy of 10, 15, 20, or 30 years, starting at $100,000 coverage.
Prices on the online quotation portal are around $100 per month for a 20-year policy with a $500,000 death benefit for a female smoker. The rate for a male smoker increases to around $150 for a male smoker. (Keep in mind that rates vary by location).
You may be required to have a medical exam depending on the life insurance policy you choose. For example, the Guaranteed Whole Life policy offers guaranteed coverage up to $25,000 with no medical exam, and tobacco use and health history are not factored into the pricing.
Mutual of Omaha offers a competitive portfolio of insurance products, including permanent and term life insurance. Clients have a range of purchasing options including online, over the phone, or through a local agent.
Mutual of Omaha has an AM Best rating of A+ (Superior).
BEST FOR CIGAR SMOKERS
Why We Chose It: With well-designed policies and the potential for non-tobacco life insurance rates, AIG is our top choice for cigar smokers.
WHAT WE LIKE
- Competitive ratings available to people who smoke cigars
- Term and whole life policy options
WHAT WE DON’T LIKE
- Limited selection of no-exam options
- Some reports of poor customer service
The American International Group (AIG) offers its life insurance policies through the American General Life Insurance Company. They are a leading global insurance provider operating in 80 countries and across the United States. AIG offers a portfolio of life insurance products, including permanent and term life insurance policies.
People who smoke cigars may be concerned that their life insurance policy will cost more because of their smoking habit. However, cigar smoking and cigarette smoking are not necessarily considered equal. AIG may be able to offer you a competitive life insurance rate for your personal situation, depending on how often you smoke cigars.
Using the online quote system and answering a few questions about family medical history and general health, we learned a sample monthly cost for a female cigar smoker of fewer than 12 each year, in their 40s in general good health, would be around $110 per month for a 20-year policy with a $500,000 death benefit. The same policy for a man costs around $150 per month. (Note that rates may vary based on location).
You may need a medical exam for an AIG life insurance policy, which may include a physical exam, questions about your medical history, measurements of your height, weight, blood pressure, and pulse, and urine and blood tests.
AIG states that tobacco use may adversely affect your premium rate; however, it will not be determined solely on your tobacco use but rather an overall picture of your health. They also state that marijuana use probably won’t disqualify you from purchasing life insurance, but the amount you consume will determine how much you’ll pay.
The company does not state what they consider frequent tobacco use. However, they do mention that they will work with you to find a competitively priced life insurance policy and may be able to find a non-smoker rate depending on the nature of your tobacco usage.
People aged 18 to 80 can buy an AIG term life insurance of 10, 15, 20, or 35 years for $50,000 or more in coverage. You can renew to age 95.
AIG has an AM Best rating of A (Excellent).