Smokers Insurance Ohio
Reader’s Question:
How do I get started on a smoker’s insurance?
Desmond
Columbus OH
If this is the first time you have considered getting a life insurance of any sort, there are some things you need to consider before getting a smoker’s insurance. Basically, there are two types of life insurances for people who smoke. The first one is called a permanent insurance. This type of insurance provides death benefits as well as other forms of investments. The investment could be in the type of savings, retirement or endowment depending on how you would want your insurance to be designed. Also, a permanent plan provides coverage until death or until the age of 99. The second one is called a term insurance. Term is for temporary protection. The usual period of coverage is 10, 15, 20, 30 years. If you choose a 10-year term, that means you have life insurance for that period. Once it passes, you’ll need to get another one.
A smoker’s insurance can either be permanent or term. Before deciding on the type of life insurance, you should determine if cost is going to be a problem. In general, permanent insurances are more expensive than term life. In the case of a smoker’s insurance, a permanent insurance’s cost would be double or triple that amount. The same is true for a term insurance but the overall cost would still be lower. Usually, a substantial coverage, about $300,000 of term life will have a premium of $200. If a smoker will apply for the same coverage, it would go up to $400 to $600 depending on the insurance provider. Moreover, the premium rate will be affected by how often you smoke. That means, the more sticks you consume in a day, the higher will be the premium.
In order to understand more about the different quirks involved in life insurance, you should discuss it with an agent who is knowledgeable and connected to a lot of insurance providers.
