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How smoking affects your premiums

 

Q: Is life insurance available to smokers?

A: Yes, although all insurance underwriters will charge you higher premiums due to the higher overall life risk involved, even if you are otherwise healthy.

Q: Will my premium be reduced if I cut down or give up smoking?

A: If you give up, most premiums will be reduced after you have stopped using all tobacco products for a period of at least 6-12 months.

For death benefit only policies, you may only be asked to give a yes or no to the question "Do you smoke". For critical illness policies, some insurance companies may ask about how many cigarettes you smoke each day, and the type. They may reduce your premiums if you can show a significant reduction in consumption.