It's very simple: if you smoke tobacco or cannabis, vape, or chew tobacco, you will pay more for life insurance.
The US Surgeon General says 16 million Americans have a smoking-related disease. Smoking-attributable healthcare spending costs over $170 billion per year.
According to Business Insider, life insurance premiums are based on your health risk for insurance providers.
The effect of nicotine on health is well documented, so smokers are seen as a higher risk for life insurance companies.
For example, a twenty-year, $500,000 term policy for a 35-year-old male would cost $27.50 a month if he is a non-smoker, but $102.08 a month if he smokes!
If you plan to quit smoking or are in the process of quitting, annual renewable term life insurance is better than a traditional term life insurance policy.
Another option for smokers is no medical exam life insurance.
