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Finding cheap whole life as a smoker is tricky. Term life is much cheaper for smokers, focusing on death benefit, not cash value. Shop around for smoker-friendly companies like MassMutual. Quitting smoking saves the most money on premiums and improves your health – double win! Some companies even offer incentives to quit. Remember, there are options, so be strategic!
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The length of time you must go without smoking before you are deemed a nonsmoker varies by firm, but it is normally around a year or two. You can also check to see if your insurer will allow you to apply for a premium reduction if you quit smoking today. Again, you’ll need to be smoke-free for a year or two.
Shopping around may help, as different insurers are more competitive in different areas, but you will still be labeled as a smoker.
In my opinion, it would be wise to consider obtaining maximum coverage through a group policy. Additionally, it is important to acknowledge that making certain lifestyle changes can potentially lead to better insurance rates in the future.
Due to the increased health risks associated by smoking, obtaining whole life insurance can be difficult because of increased premiums. Personally, I think smokers can find affordable whole life insurance by comparing quotes of different insurers, considering smaller policy amounts and looking for insurers with favourable underwriting for smokers.
Generally, obtaining a whole life insurance by smokers is difficult due to increased premiums. However, smokers can obtain more affordable insurance coverage by opting for companies that require favourable premiums from them.