How does smoking affect my life insurance?

Smokers are more likely to have ongoing health problems and a shorter lifespan than non-smokers, making them more of an insurance risk. As a result, life insurance for smokers comes with higher premiums.

Here are answers to a few more commonly asked questions about smoking and life insurance:

How much more will it cost to insure me if I smoke?

Due to increased risk, premiums for smokers are anywhere from 40% to 100% higher than for non-smokers, depending on your health history.

I’ve only had a few cigarettes in the past year. Am I still considered a smoker?

Yes. According to experts, occasional smokers are likely to turn into regular smokers and consistently start using tobacco.

What if I lie on my application about being a smoker?

If you lie on your application and die from a smoking-related complication such as a heart attack or cancer, there’s a possibility your benefits will not be paid out. If you’re given a medical exam prior to being insured, your urine will be tested for nicotine, regardless of whether or not you have declared yourself as a smoker.

How can I be rated a non-smoker?

Once you’ve been smoke-free for 12 consecutive months, you’re considered a non-smoker. If you’ve reached this milestone, contact your Financial Advisor who will provide a form for you to sign acknowledging your smoke-free status.

How can I quit?

Different methods work for different people. Some try many methods before successfully quitting. The key is to try various methods until you find one that works for you. For more information on smoking cessation, visit Health Canada’s website.

If you have questions about life insurance, contact your local Financial Advisor. They’ll be happy to discuss your insurance needs and solutions. Have you considered finding your balance of life insurance and investments? Together they help provide complete financial security.