It's very simple: if you smoke tobacco or cannabis, vape, or chew tobacco, you will pay more for life insurance.<br />The US Surgeon General says 16 million Americans have a smoking-related disease. Smoking-attributable healthcare spending costs over $170 billion per year.<br />According to Business Insider, life insurance premiums are based on your health risk for insurance providers.<br />The effect of nicotine on health is well documented, so smokers are seen as a higher risk for life insurance companies.<br />For example, a twenty-year, $500,000 term policy for a 35-year-old male would cost $27.50 a month if he is a non-smoker, but $102.08 a month if he smokes!<br />If you plan to quit smoking or are in the process of quitting, annual renewable term life insurance is better than a traditional term life insurance policy.<br />Another option for smokers is no medical exam life insurance.
