According to NerdWallet, it takes about five years of being smoke-free for rates to be as low as non-smokers’ rates. A few other key findings and takeaways include:
- Switching to a different nicotine product won’t help. Most people who use nicotine gum, patches, lozenges, nasal sprays or e-cigarettes still pay smokers life insurance rates.
- Don’t lie on your life insurance application. Your medical records and your life insurance medical exam, which includes a blood and urine test, will likely reveal your smoking habit. And if you’re an ex-smoker, your insurer might verify the amount of time you’ve been smoke-free by checking past life and health insurance applications you’ve made. Misleading your life insurer is considered fraud and can jeopardize your beneficiaries’ death benefit payment.
- You can ask your insurer for a rate review if you quit smoking after buying a policy at smokers rates. The company will re-evaluate your health and smoking status and might grant you a better, nonsmoking rate. There’s no risk to you. Even if you’ve developed other health problems in the meantime, your rate cannot be raised.
How Much Money You Can Save on Insurance When You Quit Smoking