Life Insurance: Hidden Costs of Smoking

Smoking is one of the more expensive and dangerous habits a person can have. The money flows out of your checking account for more than just the purchasing of your cigarettes. When you purchase life insurance, you’ll be astonished at the price you’ll pay because you are a smoker, although it makes sense since you are more at risk for heart disease and other medical conditions. 

Research suggests that a 45-year-old man will pay $52 per year for a 20-year term life insurance policy of $500,000 if he does not smoke. However, if he engages in smoking regularly, that premium will jump to $289. Therefore, non-smokers receive rates that are between 100 and 300 percent lower than smokers and they’ll save more than $55,000 over the course of a 20-year term life policy. Whole life insurance rates are about 20 to 30 percent lower for non-smokers.

Luckily, if you can quit smoking now and keep those cigarettes out for one year, you can get life insurance at a reduced rate. Contact your Westminister insurance professionals at Pulp Street Corporation in California for more information regarding life insurance, as well as health, auto, business and home insurance products

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