According to the American Red Cross, 440,000 smokers in America die every year from causes related to their smoking.
Smokers are 50 percent more likely to have a heart attack and up to four times more likely to have a cardiac event.
Insurance companies know these statistics, so, because the likelihood of death is increased, they raise rates on smokers or tobacco users.
Research has shown that almost 90 percent of all cases of lung cancer are caused by cigarette, cigar or pipe smoke. For this reason, smokers looking for life insurance should expect to pay rates that are three times higher than a non-smoker. Smoking can also exacerbate other types of cancers like breast cancer and bladder cancer.
Rates are also higher for men than they are for women. Male smokers are going to pay a lot more for their life insurance coverage, but if you take time to really research the matter, you'll still find life insurance policies that are somewhat affordable.
Obviously the rates are very high.
Meanwhile, a similarly aged woman with the same health history would pay:
Your answers to other questions may raise or lower your ins rates. Any life insurance company is going to ask for your latest cholesterol scores, if known, your typical blood pressure reading, a family history of illness and details of your job and hobbies. Skydiving, bull riding, piloting planes and travel to foreign countries can all negatively impact your life insurance rates. Having been arrested for DUI or reckless driving also counts against you.
For someone born in 1980, the life insurance rates are going to be much lower. Purchasing life insurance when you are younger helps keep the costs low. For someone who is currently 28 years old, rates range from $87.50 per month to $200 per month. You quickly see that the earlier you purchase a life insurance policy, the lower your rates will be.
Life insurance is a necessity, especially if you have a spouse or children that rely on your income. Should anything happen to you, a life insurance policy ensures that their standard of living will not drastically change. Death is hard, but facing the emotional stress of losing a loved one on top of losing a home due to lack of income is a tragedy.