Secure Your Future: Term Life Insurance for Smokers Explained

Despite the well-known health dangers of smoking, 12.5% of Americans still smoke because it’s difficult to give up.

As long as you continue to use nicotine, you might need to purchase a Term life insurance for smokers policy to safeguard your family. Although smoking doesn’t prevent you from acquiring life insurance, it can considerably increase your rates, especially if you’re already unwell. But some providers of life insurance are more accommodating to smokers than others. There are reasonable solutions available, and if you decide to stop later, your rate might even go down.

It might be possible for you to get a term policy online if you smoke and are in good health. But it’s advisable to call an agent personally to go over your alternatives if you’re in poor health or want permanent coverage.

We analyzed more than 50 data points from more than 90 Term life insurance for smokers companies to identify the top life insurance providers for smokers. examined a variety of factors, including financial stability, customer satisfaction, price, policy kinds and features, and coverage summaries.

John Hancock Life Insurance

Term life insurance for smokers
Term life insurance for smokers

If you purchase a term or universal Term life insurance for smokers policy from John Hancock, you might be eligible for a cheaper rate after quitting without needing to apply for a new policy, so long as your health remains the same. Once you have been nicotine-free for at least a year, you are eligible to seek a rate revaluation at any time following your second policy year. Some insurance types additionally include the Quit Smoking Incentive, which enables smokers in excellent health to obtain nonsmoker rates before to quitting and to keep those rates after the third year by demonstrating that they have been smoke-free for at least 12 months.

The John Hancock Vitality program offers discounts on wholesome food, fitness equipment and clothes, and rewards you for making healthy decisions. For $2 a month, you can choose to use the paid version, which can reduce your premiums for good behaviors like working out by up to 25%. In the J.D. Power 2022 U.S. Individual Term life insurance for smokers Study, John Hancock received much fewer complaints from customers than anticipated during the previous three years. You may also rely on the company’s ability to pay claims because AM Best has given it an A+ (Superior) financial strength grade.

The majority of plans have a critical illness rider, and although it’s uncommon, you can also add a terminal illness rider that won’t lower your death benefit if you use it. To acquire a quote and to apply, you must, however, consult with an agent. In addition, the corporation offers less riders for living benefits than many of its rivals, such as free riders for critical illness or chronic disease.

Haven Life

Term life insurance for smokers
Term life insurance for smokers

With its user-friendly and very informative website, Haven Life outperforms the majority of other businesses. You don’t need to contact an agent to request a quote or submit an application because the Term life insurance for smokers purchasing process is designed to be completed entirely online. Additionally, a lot of applicants receive fast approval, and coverage begins the same day. Additionally, you don’t even have to pay more for all of this ease. For both smokers and non-smokers, Haven Life regularly offers the most affordable rates on Term life insurance for smokers contracts.

However, if you prefer ongoing protection, you’re out of luck. Only Term life insurance for smokers is provided by Haven. Additionally, unlike with the majority of other insurers, you cannot later convert that term coverage to a permanent policy. Few riders can be customized, and people 65 and older are not eligible for coverage. Policies are issued by either MassMutual or its subsidiary C.M. Life, which is a MassMutual entity that owns Haven Life.


Term life insurance for smokers
Term life insurance for smokers

Smokers can get affordable Term life insurance for smokers from Transamerica, and healthy candidates who qualify can apply for no-medical-exam plans for coverage up to $2 million. Whole life, indexed universal life, and last expense plans are additionally offered. The majority of policies have a terminal disease rider, and some, like the Trendsetter LB term coverage, also have riders for critical and chronic illnesses.

Consider Transamerica’s last expense insurance if you smoke and are in bad health and are searching for permanent coverage. It offers a higher coverage maximum than most of the firms we looked at. Without a medical exam, you can obtain coverage up to $50,000, and some policies come with a free nursing home benefit. Be aware that certain policies have a graded death benefit term, which means that if you pass away naturally within the first two years, your beneficiaries won’t receive the whole death benefit.

AM Best gave Transamerica an A (Excellent) rating for financial strength. The J.D. Power 2022 U.S. Individual Term life insurance for smokers Study revealed that Transamerica has below-average ratings for customer satisfaction. Additionally, despite the NAIC’s size, the insurer has filed more complaints with it during the past three years than was anticipated. It might be wise to request an estimate from Banner Term life insurance for smokers as well, as their term policy prices were comparable.


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