Life Insurance

Can Smokers Get Life Insurance

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 6 minute read

According to the Centers for Disease Control and Prevention, around 14% of American adults currently engage in cigarette smoking. Even if the number of individuals who smoke cigarettes every day has been decreasing over the years, it is still above 30 million.

The majority, if not all, of these individuals have pressing needs for which life insurance is a necessary and prudent financial safeguard. But life insurance firms have a negative outlook on smokers because of the risks it poses to their clients’ health.

You can still receive life insurance even if you smoke. You just won’t be able to get the best prices and may not be able to buy as much protection as you’d want. Also, you’ll have to do some additional digging to identify life insurance providers who are willing to deal with you.

Best Smokers Life Insurance Companies

These are the top life insurance providers that cater to tobacco users and smokers. Everyone who smokes now or in the recent past can get life insurance through one of these options.

Each of these insurers excels in one respect or another, whether it is an unusually broad selection of coverage options or preferential treatment for former smokers. What makes our recommended life insurance provider for smokers the greatest option is the total value it provides to policyholders.

Mutual of Omaha is the best overall.

Due to the fact that it does not automatically assess smoking status for certain types of policies, Mutual of Omaha is our recommended life insurance provider for smokers.

To be more specific, if you’re looking for a policy to cover last expenditures, and the death benefit you’re seeking is $40,000 or less, your smoking habit won’t affect your premiums, and neither would a medical checkup. This policy is life insurance that will continue in effect until either your death or the policyholder stops paying premium payments.

Mutual of Omaha offers both term life insurance and permanent life insurance with increased benefits for smokers. However, a medical check is typically required for this type of policy, and if you smoke or use tobacco, your rates will be higher.

Globe Life Insurance is the best option for no medical exam coverage.

If you smoke or use tobacco products but still want life insurance, go no further than Globe Life.

We provide no-medical-exam eligibility for up to $200,000 in term life and $50,000 in whole life coverage. Additionally, there is no coverage lapse, which is especially helpful for people with preexisting conditions.

Keep in mind that your premiums will increase or you might be denied coverage altogether if you have a smoking history or any of the recognized smoking-related health issues, such as heart disease or COPD. Supplemental options:

  • Premiums for adults in pristine health start at only $4 per month.
  • Shop online or talk to a local agent to get covered.
  • Submit an application for mortgage protection insurance, accidental death insurance, and children’s life insurance.

John Hancock is the best option for smokers who are otherwise in good health.

While John Hancock is concerned about your health, he understands that smoking may prevent you from being at your best. The benefits offered by the company’s free Vitality GO rewards program are as follows:

  • Fitness wearables are on sale.
  • Prices reduced on fresh, healthful groceries
  • Individualized resources for maintaining a healthy lifestyle
  • REI, a provider of recreational gear and clothing, is offering discounts.

For an additional $2 monthly, you may upgrade to Vitality PLUS and receive:

  • A reduction of 25% in your monthly premium for making healthy lifestyle choices that meet certain requirements.
  • Deeper price cuts on athletic apparel and nutritious meals
  • One free year of the popular meditation software Headspace

Fidelity Life Insurance is the best option for marijuana users.

To the contrary, Fidelity Life is unusually accepting of cannabis users who don’t engage in high-risk activities while under the influence of cannabis, such as driving under the influence or smoking at excessively high rates.

If you’re young and healthy, you may get up to a million dollars in term life insurance from Fidelity Life at excellent prices. Guaranteed issue death benefit policies, up to $35,000, are available to people of any age, regardless of whether they smoke cigarettes or pot.

AIG is the best option for tobacco users who do not smoke cigarettes.

If you use tobacco or nicotine but don’t smoke cigarettes or use e-cigarettes, AIG is a fantastic option for your life insurance policy. Anybody who uses tobacco products, whether cigars, chewing tobacco, or nicotine gum, is included.

In this establishment, you may obtain the same bargain as a person who never uses tobacco or nicotine if you simply smoke cigars or chew tobacco sometimes.

Haven Life Insurance is the best option for term life insurance.

Haven Life provides affordable multi-million dollar term life insurance coverage. Haven is a wholly digital insurance provider that use algorithmic underwriting, making the application process quick and painless; if your application does not call for a medical exam, you may receive a decision on your coverage almost immediately.

Haven does provide no-exam insurance to smokers, albeit the policy limits and premiums may be less attractive to them. By upgrading to Haven Plus, you’ll be eligible for free secure online document storage from LifeSite, a free membership to the fitness app Aaptiv, and free last will and testament revisions from Trust & Will for a whole year. Supplemental options:

  • You can apply for a term life insurance policy until you’re 64 years old.
  • Up to $500,000 in coverage with no medical exams required
  • Up to a 20 year term with no exams

New York Life is the best option for whole life insurance.

If you’re a smoker looking for permanent whole life insurance, New York Life is your best option. Paying the same amount each month into a cash value component of a life insurance policy guarantees the policy’s stability and allows policyholders to borrow against the cash value if it grows large enough.

You may still apply for life insurance via a New York Life-affiliated agent even if you smoke, but doing so will require a medical exam as a condition of coverage. Supplemental options:

  • In the case of a normal whole life policy, the death benefit is guaranteed.
  • Access to premiums for a limited time period, or the choice to pay extra for a tailored whole life policy
  • With the Spouse Paid-up option, your spouse can utilize the money from your insurance’s death benefit to buy their own coverage without undergoing a medical exam.
  • Scores in the highest quartile for financial stability

Can You Get Life Insurance Without a Medical Exam If You Smoke?

Yes, however your coverage choices will be restricted and your eligibility for insurance will likely be low. You’ll still have to answer health history questions, and you can get turned down for coverage if your answers raise red flags.

You should consult with a licensed insurance agent or life insurance broker if you’re serious about obtaining the finest coverage available that doesn’t call for a medical exam.

How to Choose the Best Smokers Life Insurance Company

You won’t be denied life insurance coverage due to your smoking habit alone. It’s become quite evident, though, that you won’t be able to choose among the best policies. Those are set aside for young, healthy “never-smokers.”

Find insurance that meets your requirements and price range for the next best thing. You may want to consider a 30-year term life insurance or a whole life policy with a small death benefit if you are young and healthy and anticipate needing coverage for a long period. There are shorter-term policies, such as a 10-year term policy or minor last costs policy, that may be better suitable for elderly people who require insurance only until their mortgage is paid off or who simply want to make sure their passing won’t cause undue financial hardship for their loved ones.

And if you’re in a position to wait before getting life insurance, you might want to give up cigarettes for good. When you’ve been smoke-free for a certain amount of time, you may be able to get a better deal on your life insurance.

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