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How to Get Lower Life Insurance Rates after Quitting Smoking

Life Insurance

It’s not news to anyone that smoking is bad for your health. But it’s also something that you don’t wish on anyone, and many people who smoke find themselves struggling with the decision to quit. If you’re ready to stop smoking, this article will show you how to get lower life insurance rates after quitting smoking.

Smoking is one of the most expensive addictions someone can have—in addition to being a significant risk factor for lung cancer, heart disease, and chronic obstructive pulmonary disease (COPD), smoker’s insurance rates are typically at least twice as high as someone who doesn’t smoke. To make matters worse, even if you quit smoking, your rates may stay the same for a year or more. But with some planning and know-how, you can get lower life insurance rates after quitting smoking and save some money.

Time Is On Your Side

If you’re thinking about quitting smoking, but don’t know when you’ll be able to make the transition, then you may want to schedule a meeting with your agent or broker. Tell them you are committed to quitting, but for now, you can’t give any specific date. If your life insurance rates are higher than average because of smoking, but you have no plans to quit, say so. Explain that if they could hold off on your rate hike until after your first anniversary of not smoking, it would help. The amount of the increase and whether it is retroactive can vary from one company to another, so find out their policy before going into a face-to-face meeting.

Consider Consolidating Your Policy

Another strategy for getting lower life insurance rates after quitting smoking is consolidating your policies with a sister or sibling. If you have a spouse already covered under the same policy and intend to split the coverage in half, why not combine your existing policies? With the same amount of coverage, you will be able to get lower rates because they’re only giving you that much rather than adding an amount based on your current health.

Don’t Quit Too Soon

There’s no reason to rush into making such a drastic change in your life— and life insurance is no exception. If you quit smoking before your date with destiny, your rate will not likely go down immediately. It’s possible that you could get a temporary increase for the first twelve months or so. When you talk to an insurance representative, try to find out how long their rate freeze will last and if it’s possible to extend it past the initial year. If you can’t get lower life insurance rates after quitting smoking any longer than one year, you may want to wait until that time has passed and continue to be healthy.

Consider a Change in Lifestyle

Besides smoking tobacco, being overweight is another lifestyle decision that will affect your life insurance rates. If you are overweight, your insurance company will calculate a higher rate for you because of the risk of health complications. On the other hand, if you’re experiencing this price increase, you can use this as a motivation to cut back on the amount of food and drink you consume. A healthier lifestyle isn’t just about eating well—it’s also about exercising and avoiding stress.

Ask About Coverage For Mental Health Treatments

Whether it’s quitting smoking, getting into better shape, or just changing your lifestyle choices, chances are they’re all good things that will impact your life insurance rates after quitting smoking. However, you can use your success to shore up other problems that may arise from past failures. Suppose you’re a recovering alcoholic, for example. In that case, you can get lower life insurance rates after quitting smoking by simply being honest about the fact that you’ve had issues in the past. Make it clear that you are now seeking treatment and will soon be in good health—this is not something the insurance company will want to dismiss lightly.

Key Takeaway

While people have heard of the dangers of smoking for quite some time, the habit continues to take countless lives every year. While quitting is tricky, it can be done, and once you’re done, you’ll be able to save some money on life insurance as well! The five methods outlined in this article should help you get lower life insurance rates after quitting smoking. Consider Matt Patterson Insurance for the help you need in getting lower life insurance rates after quitting smoking. Not all companies will adhere strictly to these strategies, but most will try and accommodate your needs if possible.

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