4 Best Life Insurance for Smokers

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 Life insurance for smokers to safeguard your family.

Although smoking won’t prevent you from obtaining life insurance, it will dramatically increase your rates, particularly if you already have a health condition.
However, some life insurance companies are more tolerant of smokers than others. There are workable options out there, and if you decide to stop later, your rate may actually decrease.

onesfoods.com analyzed more than 50 data points from more than 90 life insurance companies to identify the top 4 Life insurance for smokers. onesfoods.com looked into a number of things, such as pricing, client satisfaction, insurance types and features, and coverage summaries.

4 Best Life Insurance for Smokers

1/ John Hancock Life Insurance

If you buy a term or universal Life insurance for smokers from John Hancock, you may be qualified for a lower rate after leaving without having to apply for a new policy, provided that your health stays the same. You can request a rate revaluation at any time after your second policy year if you have been nicotine-free for at least a year. Some insurance plans also offer the Quit Smoking Incentive, which permits smokers in good health to get nonsmoker rates prior to quitting and to maintain those rates after the third year by proving that they have abstained from smoking for at least 12 months.

The J.D. Power 2022 U.S. Individual Life insurance for smokers Study found that John Hancock got significantly fewer customer complaints over the previous three years than was anticipated.
You may rely on the company’s ability to pay claims as well because AM Best has rated its financial strength as A+ (Superior). Although it’s uncommon, you can also add a terminal illness rider that won’t reduce your death benefit if you use it. The majority of policies feature a critical illness rider.

Pros

If you discontinue after the second policy year, you can ask for a lesser rate.

Unusual wellness program that honors your commitment to good decisions

high levels of consumer satisfaction

few complaints from clients

Cons

There are no online quotes.

Most riders charge extra, and there is a small variety.

2/ Haven Life

Haven Life exceeds the bulk of other businesses with its user-friendly and extremely informational website. The application and quote requests for life insurance can both be made online; therefore, you don’t need to speak with an agent in order to do so. In addition, a large number of applications are quickly approved, and coverage starts the same day. For all of this convenience, you don’t even have to pay more. Haven Life consistently provides the most economical prices on term Life insurance for smokers and non-smokers.

However, you’re out of luck if you’d rather have continuing security. Haven offers just term life insurance. Furthermore, you cannot later convert that term coverage to a permanent insurance, unlike with the majority of other insurers. Few riders are customizable, and coverage is not available to anyone over 65. Policies are issued by either MassMutual or C.M. Life, a division of the company that also owns Haven Life.

Pros

Top insurers’ lowest rates for both smokers and non-smokers

application process that is entirely digital

For smokers up to $1 million, quick coverage and decision-making are available.

a simple to use website

Cons

There are no permanent policies.

fewer riders

Term policies cannot be converted.

Low term policy issue age maximum

3/ Transamerica

Smokers can apply for low-cost term life insurance from Transamerica, and healthy candidates who meet certain requirements can also apply for no-medical-exam plans for coverage up to $2 million. Additionally available are whole life, indexed universal life, and last expense plans. Most policies feature riders for critical and chronic illnesses, and some, like the Trendsetter LB term coverage, even have riders for terminal diseases.

Transamerica received an A (Excellent) rating for financial stability from AM Best. According to the J.D. Power 2022 U.S. Individual Life insurance for smokers Study, Transamerica receives below-average customer satisfaction ratings. The insurer has also submitted more complaints to the NAIC over the last three years than was anticipated, despite the NAIC’s size.

Pros

Some plans feature three living benefit riders.

Affordable term insurance rates for smokers

several policy kinds, such as ultimate expense insurance

Available no-medical-exam coverage of up to $2 million

Cons

J.D. Power’s rating of customer satisfaction is poor

more complaints from customers than anticipated

4/ Ethos Life Insurance

Ethos could be able to provide you less expensive term insurance than many other companies if you’re under 65, in perfect health, and don’t have any other factors that might raise your rates (such a spotty driving record, a low credit score, or dangerous hobbies or lifestyle choices). Additionally, if you’re asking for coverage for $2 million or less, you might not need to have a medical exam. We really adore how easy it is to use the Ethos website, which provides instant prices and a quick application procedure. Many applicants receive a decision right away, and coverage may begin the same day.

However, there aren’t many possibilities because Ethos term policies don’t offer many riders. Additionally, if you wish to continue receiving coverage, you won’t be able to change your term insurance to a permanent one later.

Pros

Excellent rates for smokers in good health who don’t have any other rate-impacting conditions

For most candidates, there is no need for a medical check for up to $2 million.

Streamlined online application with the potential for a fast decision

Cons

little choices for modification

No possibilities for term conversion

For term insurance, 65 is the maximum issue age.