Will I get charged more as a smoker?

Yes. But let us first give you the usual life insurance company’s definition of a smoker:

They define a smoker as:
“someone who used, smoked or otherwise consumed any kind of nicotine products during the previous 12 months.”

A few insurance companies extend this definition to the previous 5 years. If you have given up smoking during the previous 1 to 5 year period, you will save a lot of money by seeking a quotation from an insurance company which uses the 12 month definition.

When an insurance company calculates its premiums, it has to work out how long they think you will live. (Or with Critical Illness Insurance, how likely you are to become seriously ill whilst the policy is in force.)

To do this it will take into account for whether you smoke, your age, your occupation and your health record.

Research shows that smoking can damage your health and therefore, insurance companies require higher premiums from smokers in comparison with non-smokers. Most insurance companies will ask you questions on their application form about the type of and quantity of tobacco products you use. They will use this information to predict your future health and this information becomes an important part of their risk assessment.

Even though some Pro Smoking Pressure Groups argue that smokers under the age of 40 have around the same probability of dieing as non smokers, a typical man aged 25 can expect to be charged up to 50 % more for a 15 year life insurance policy than a non-smoker.

It therefore, becomes even more important for a smoker to seek out the cheapest possible insurance premium. We hope our partnership with Moneyquest helps you.

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