Whether you smoke two packs of cigarettes a day, or have an occasional cigar or pipe, the life insurance quotes you’ll most likely see are going to be smoker rates which are typically double, often, as much as triple, the price of` non-tobacco users.

For example, a 40-year-old male who is a smoker qualifying for preferred term life insurance rates on a policy with a face value of $500,000 would be quoted $2,480 for a 30-year level term life insurance policy.  If that same person qualified for non-smoker rates he would only pay $620 for the same policy.  That’s a savings of $1,860 per year and $55,800 over the length of the policy!

If you’ve been putting off shopping for life insurance because you’re a smoker, or think you are paying exorbitant premiums because of your habit, it’s time to start shopping around.  Many people are overpaying for their life insurance because they don’t realize that there are deals to be had out there.

We suggest the following tips for finding a life insurance company that will offer tobacco users more favorable rates – sometimes, even non-smoker rates:

• Shop around – Some companies require a negative test for nicotine in order to qualify for non-smoker term life insurance rates.  While at others, testing positive for nicotine is acceptable. As a result, an occasional cigar smoker or tobacco chewer could end up paying a lot more than they have to.

• Deal with a broker - Only a brokerage firm that has a broad pulse on the insurance market will know which company might offer the most favorable rates to a given person, based on their individual profile.

• Do NOT lie on your application – Because premiums offered to those who admit to tobacco use are often triple those of people who don’t smoke, some people are tempted to lie to get a better rate, but the effort often backfires.

If you’re an ex-smoker don’t think you’ll automatically qualify for non-smoker rates.  Life insurance companies usually require that you be smoke-free for at least one year; however some require longer periods. However, don’t delay the process. Get the coverage you need today and reapply after some time goes by