Higher Life Insurance CostsOne of the biggest factors determining the cost of your life insurance policy will be whether or not you're a smoker. If you're a smoker, you can expect to pay over a thousand dollars a year (and likely much more) for your life insurance than if you are a non smoker.
Insurers determine the policy premiums you must pay according to careful studies on the risk factors certain groups of people exhibit. If you fall into the riskier group, you pay a lot more for the same amount of insurance. Studies show that smokers die at a younger age than non smokers and therefore pay much higher premiums for life insurance policies. There are two prime reasons that smokers get tagged with higher life insurance premiums.
1) The act of smoking causes an increase in a number of health issues which can contribute to an early death.
2) People who are smokers have behavioral habits that are generally higher in risk than non smokers. These higher risk habits result in more frequent deaths.
Doing a quick comparison on a free life insurance quote website with all the factors the same (overall superior health, age 44, male, living in CA, $500,000 term life, 20 years) the best non smoker life insurance premium was $610 a year while the best smoker life insurance premium was $2000 - a difference of nearly $1,400 a year. It's a safe bet that smokers pay a minimum of $1000 more a year for life insurance than a comparable non smoker.