Smokers Pay 235% More For Life Insurance
How much does life insurance cost?
Well, it depends. If you're a smoker, you can expect a steep price tag.
A new report from InsuranceQuotes.com highlights how much the cost of a life insurance policy changes depending on age, sex, and lifestyle, and that the change is pretty significant.
Smokers see the most drastic price increase. On average, they pay 235% more than non-smokers of the same age and sex.
According to InsuranceQuotes.com, a "smoker" isn't only a chain smoker - in this context, the term also includes recreational and social smokers, and even users of e-cigarettes.
When it comes to age, on average:
- 25-year-olds will pay 27% less than 35-year-olds
- 45-year-olds will pay a staggering 120% more than 35-year-olds
No matter what their age, men will pay an average of 38% more than women for the exact same policies.
By that logic, it's most expensive to get life insurance as an older man who smokes. The chart below shows that he would pay nearly $11,000 more per year than his non-smoking counterpart.
Locking in a better rate while you're young and healthy is one of the chief reasons insurance companies will use to convince younger people to sign up for life insurance, but it doesn't necessarily guarantee you'll pay less over the duration of your policy.
Ultimately, it comes down to running the numbers for your own individual estimates, seeing what your budget can handle, and asking yourself: Is it worth it?
- Top 10 destinations to visit in India for nature and wildlife lovers in 2024
- People intolerant of other religions are more likely to reject science, study asserts
- 7 reasons why cucumber can be your summer weight loss friend
- 8 refreshing kulfis you must try this summer
- Adani Enterprises Q4 net falls 37%; incubating businesses show strong momentum
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market