Life insurance premiums for non-smokers can be up to 200% cheaper than those who smoke cigarettes, based on the average cost for people between 25 and 65 years old.
If you live in California, you may use your policy to provide for your dependents. A life insurance lawyer in Los Angeles may help you determine the best way for your children to use it as a source of funds after your death.
An average life insurance for a 25-year-old smoker would cost around $669 per year or $55.71 per month. Non-smokers would only need to pay $330.33 per year, which is already half of the cost for smokers.
If you quit not before you turn 65, you can save a lot from paying costly premiums. Non-smokers from this age group only pay around $4,170 for annual life insurance as opposed to almost $11,860 for smokers. Note that the cost of being insured increases as you age, and this indicates why policies for smokers are more expensive due to their higher health risks.
Insurance as a Lifeline
When planning to use your policy to provide for your children, think about potential resources that could be used for this end. It could be your home, your Social Security benefits, and even your relatives.
Consulting an insurance lawyer would be helpful in reviewing the terms of your policy. A 10 or 15-year term life insurance would be a good choice if you are still young and healthy. Each one costs $569 and $705 per year, respectively.
It’s no secret that smoking can already be expensive on its own. The higher cost of life insurance for smokers is another reason to quit for good, not just because it would save you money from paying higher premiums.