Life insurance for Cigar Smokers
Life insurance for cigar smokers is getting easier to find as more and more life insurance companies understand the risks associated with smoking cigars and how those risks impact life expectancy. Just as rates have changed for certain classes of cigarette smokers (based on the number of cigarettes smoked on a daily or weekly basis) some of the largest insurers are making a distinction between the risk factors associated with smoking cigarettes and those associated with cigar smokers. If you are in the market for life insurance protection and are an occasional or even a two cigar a day smoker, there may be ways to find affordable life insurance options for you.
- Risk Factors Evaluated by Insurance Companies
An insurance company, as part of its risk assessment or underwriting process, looks at certain habits or behaviors that a potential insured engages in to determine the likelihood that a death benefit will need to be paid before the individual's projected life expectancy. Smoking and the likelihood that a person will develop lung cancer is one of those risks that will determine whether an individual qualifies for a smoker or nonsmoker rate. Why this can be significant is that smoker rates offered by most every life insurance company can be as high as 50 percent over on the same coverage given to a nonsmoker. As an example, a $500,000 whole life insurance plan offered to a nonsmoker male age 50 may cost $11,000 in annual premiums while the same policy offered to a smoker, male, age 50, may be priced at $17,000, 54 percent higher.
- How to Find Affordable Coverage
When shopping for life insurance for cigar smokers, look for a company that still treats some cigar smokers as nonsmokers. Major insurers such as Northwestern Mutual and Massachusetts Mutual Life Insurance Company, Prudential and Manufacturers Life Insurance Company all offer nonsmoker rates for cigar smokers. The best way to find the most affordable coverage as a cigar smoker is to shop around.