Life Insurance For Smokers
Smoker life insurance! What is smoker life insurance policy really, is there a special policy for those who choose to smoke?
The phrase may sound like there is a special plan for smokers but let me assure you this is not so.
Life insurance companies are in business to make money, premium cost depend on how long the applicant is expected to live.
A person who does not smoke is likely to live longer than a person who smokes, a smoker is like to die sooner than a person who does not smoke. Cigarette smoking cause disease.
What life insurance companies do is to charge a person extra if s/he smokes. Let us look at the varying categories assigned to applicants
- Preferred Plus or Select – Generally this category is for people in excellent health and those who do not engage in any hazardous occupation or avocation.
- Preferred or Select – These people are in good health but their health and medical history is not as good as the category people in the above category.
- Regular Plus or Standard Plus – These people are in good health but their health and medical history is not as good as the category people in the above category.
- Regular or Standard – This category is for people who do qualify for a policy but are not in the most excellent physical condition.
Smoker Vs. Non-Smoker Cost
Each of the above categories are divided into 2. The lowest and most favorable life insurance rates are charged to the applicants who do not smoke. The smoker rate is a little higher than the non-smoker rate.
Riders
Like any life insurance policy you have the right to add riders to your policy, the most common are the waiver of premium rider and the accidental death benefit rider.
- Waiver Of Premium – If you select the waiver of premium rider and become disabled the company will waive your premiums after you are incapacitated for at least 6 months. Whenever you go back to work you start paying premiums again.
- Accidental Death Benefit – The accidental death benefit rider provides that if you should die in an accident, for example an automobile accident, the life insurance company will pay twice the death benefit to your beneficiary.
These riders apply, if you select them, whether your policy is characterized as a smoker life insurance policy or a non-smoker policy.