What are some of the best life insurance companies for smokers, offering good rates on policies? And, how does term life work?
There are several carriers that offer competitive rates for smokers, including Cincinnati Life, Ohio National, Banner Life and Prudential, among others.
Your rate for life insurance will not only depend on your age, health, and the amount of life insurance, as well as, the length of term, but your tobacco use.
Term life is temporary life insurance that provides coverage for a set period of tine, usually from 1-30 years. Many term life plans offer coverage for a period of 10, 15, 20, 25 or 30 years.
With level term life insurance you pay a premium that stays the same each year, and the amount of life insurance also remains level throughout the duration of your term.
So, if you are paying $250 per year for a 20 year $250,000 level term policy, this means your premium is $250 annually and if you die within the 20 year term, your beneficiary (family) receives the $250,000 life insurance death benefit, subject to any restrictions or exclusions in your life insurance policy.
Comparing multiple life insurance quotes from several insurance carriers may help you save money, because each insurer has their own set of rate classifications based on your tobacco usage.
Here's how you can compare rates and find an affordable smokers term life insurance policy to help provide financial security for your family.