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Whether you're a decades-long smoker or you've recently taken up vaping on an e-cigarette, you'll be classed as a smoker. Read on for the key points on life insurance for smokers.
While the overall number of smokers has been declining in recent years, the number of treatments for illnesses linked to smoking remains stubbornly high.
In the eyes of an insurer, smokers are seen as a higher risk due to the many health risks linked to smoking. This is reflected in the higher price they offer for life insurance premiums to those who smoke. A life insurance application will have questions that will lead to you being labelled a smoker or non-smoker.
Generally, insurers won't distinguish between any of the following:
So, insurance providers will typically put e-cigarette use and vaping into the same category of 'smoker'.
| Policy | Monthly premium (Non-smoker) | Monthly premium (Smoker) | Percentage increase |
|---|---|---|---|
| MLC Life Insurance | $40.13 | $91.49 | 227.98% |
| ClearView LifeSolutions | $37.66 | $78.92 | 209.56% |
| AIA Priority Protection | $36.86 | $75.74 | 205.48% |
| TAL Accelerated Protection | $35.41 | $70.90 | 200.23% |
| Zurich Wealth Protection | $36.22 | $64.94 | 179.29% |
| OnePath OneCare | $38.63 | $75.37 | 195.11% |
| BT Protection Plans | $39.02 | $70.48 | 180.63% |
These prices were taken from Finder's life insurance quote engine on April 2021. Prices are an estimate and are subject to change at any time.
Typically, to be classed as a 'non-smoker' you'll need to be free of any smoking products for 12 months. Insurers usually don't differentiate between an occasional smoker (for example, a 'social smoker') or a pack-a-day smoker.
Unfortunately, kicking the habit won't necessarily mean you can amend your policy terms - this will vary from policy to policy. Ask your provider if they'll be able to change your terms and offer you a saving. You might have to take a medical exam, which may include a blood test, before you can change your terms.
Even if your insurer won't budge, the upside is you'll still enjoy the health benefits of non-smoking.
Yes. If you've used any nicotine products over the past 12 months, you'll need to declare it. The Insurance Contracts Act 1984 specifies that you must disclose anything you know, or would be expected to know, that's relevant to an insurer's decision to offer you cover. Failing to do so could lead to a future claim - either by you or your beneficiaries - being turned down.
Read more on this subject in our guide to life insurance and smoking disclosure.
As previously mentioned, Smokers, along with other high risk cases, are charged a far higher premium than non-smokers. The following information may be taken into account by an insurer:
There are some steps you can take to reduce your premium:
An adviser can help you find cover from trusted life insurance brands.
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