Will Quitting Smoking Reduce My One-Million-Dollar Life Insurance Premiums in California?
If you've been pondering about how to save on your life insurance premiums, quitting smoking is an impactful step. Not only does it improve your health, but it can also significantly lower your life insurance costs, especially for substantial coverage amounts like a one-million-dollar policy.
Understanding the Impact of Smoking on Premiums
Insurance companies assess multiple factors to determine your premiums, and smoking is a major one. Here’s how it typically affects costs:
- Higher Premiums: Smokers often pay 20%-40% more than non-smokers for the same policy due to increased health risks.
- Underwriting Assessments: Insurers may require more health information and potentially higher rates based on smoker status.
- Long-Term Savings: Once you quit smoking and maintain a smoke-free status for a specific period (usually 12 months), you may qualify for lower rates.
Benefits of Quitting Before Applying
Here are some benefits of quitting smoking before applying for life insurance:
- **Reduced Risk Profile**: Quitting reduces your risk of health issues, potentially leading to lower premiums. - **Improved Health Conditions**: Factors such as blood pressure and lung function improve after quitting, which insurers often consider. - **Peace of Mind**: Knowing you are making a healthier choice for yourself and your loved ones can provide immense satisfaction.How Much Can You Save?
The amount you save can significantly vary based on age, health history, and the insurance provider, but consider the following examples:
| Age | Smoking Premium (1M Policy) | Non-Smoking Premium (1M Policy) |
|---|---|---|
| 35 | ~$135/month | ~$65/month |
| 40 | ~$172/month | ~$92/month |
| 45 | ~$235/month | ~$115/month |
Your Next Steps
If you have quit smoking, it's time to reassess your life insurance options. Reach out for a quote from a reliable insurance provider to see how much you can save. With Ethos, the entire application process is quick, easy, and done online without a medical exam.
Don’t wait! Start your journey to healthier living and better savings now!
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