Cheapest Life Insurance Companies for Smokers in October 2024

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Updated: November 20, 2024

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Finding cheap life insurance for smokers can be difficult. Life insurance companies view smokers to be risky to insure because they are prone to lung cancer, heart disease and diabetes, impacting life expectancy. These conditions can significantly shorten life expectancy, prompting insurers to increase premiums.

While life insurance premiums tend to be higher than average for people who smoke, affordable coverage options are available. Allstate offers the most affordable life insurance for smokers, with an average monthly rate of $26.57.

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TABLE OF CONTENTS

Key Takeaways

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The average cost of life insurance for a smoker is $40.71 per month — that's 121% more expensive than a healthy individual’s average life insurance premium, which is $18.39 per month.

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Several factors determine your rate. In addition to age and gender, the state where you live also affects the cost of your life insurance.

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Life insurance rates can easily double or triple if you are a smoker. You can reduce the cost of your premiums by shopping around for lower coverage or signing up for insurance as early as possible.

Why Trust MoneyGeek? We analyzed 1,488 of life insurance quotes to determine the cheapest life insurance companies for smokers.

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Coverage costs and company information for life insurance providers were updated in 2024.

1,488Quotes Analyzed
 
14Companies Compared
 
50Zip Codes

Average Cost of Life Insurance for Smokers vs. Nonsmokers

The monthly cost of life insurance premiums varies significantly based on whether you smoke. For nonsmokers, the average monthly premium is $18.39. In contrast, smokers face a steeper average monthly cost of $40.71. This means that smokers pay an additional $22.32 per month for life insurance, translating to approximately 121% more than the rates for nonsmokers.

Average Monthly Cost of Life Insurance for Smokers
Data filtered by:Results filtered by:
Gender:
Gender:M
10-Year Term$40.71
20-Year Term$56.60
Average Monthly Cost of Life Insurance for Nonsmokers
Data filtered by:Results filtered by:
Gender:
Gender:M
10-Year Term$18.39
20-Year Term$25.56

Cheapest Overall Life Insurance Company for Smokers

Allstate offers a competitive monthly cost of $26.57 for a 10-year term policy with $250,000 in coverage. This positions Allstate as the company with the cheapest life insurance for smokers.

Data filtered by:Results filtered by:
Gender:
Gender:M
Allstate$26.57
Transamerica$26.81
GEICO$28.07
Protective$29.14
Nationwide$36.33
Mutual of Omaha$36.66
Prudential$37.44
AAA$37.50
Fidelity$45.28
Haven$48.62
State Farm$48.64
Bestow$59.76
Progressive$68.39

Cheapest Overall: Allstate

Allstate

pros

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A+ AM Best financial stability rating

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Wide range of term lengths (10-40 years)

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24/7 online chat support available

cons

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Higher-than-average customer complaints

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Doesn't issue its own life insurance policies

COMPANY HIGHLIGHTS

Allstate has been in the insurance business for 92 years, offering a variety of life insurance products to meet different needs. For those interested in term life insurance, Allstate provides coverage amounts ranging from $100,000 to $50 million, with term lengths varying between 10 and 40 years. While the company doesn't issue its own life insurance policies, it offers multiple payment options and a wealth of online research material to help you make an informed decision. Customer support is robust, featuring 24/7 online chat. However, potential customers should be aware that Allstate has a higher-than-average rate of customer complaints.

Cheapest for Young Adults and Seniors Who Smoke

GEICO has an average monthly cost of $21.14 for young adults and $389.08 for seniors. These rates make Geico MoneyGeek's most affordable choice for both young adults and seniors seeking the best life insurance rates for smokers.

Average Cost of Life Insurance for Young Adults Who Smoke
Data filtered by:Results filtered by:
Gender:
Gender:M
Term Length:
Term Length:10
Coverage Amount:
Coverage Amount:$250K
GEICO$21.14
Protective$21.81
Transamerica$22.12
Allstate$22.14
Nationwide$26.15
Mutual of Omaha$26.66
AAA$29.71
Prudential$32.37
Haven$34.41
Fidelity$35.65
Progressive$35.65
State Farm$39.01
Bestow$47.14
Average Cost of Life Insurance for Seniors Who Smoke
Data filtered by:Results filtered by:
Gender:
Gender:M
Term Length:
Term Length:10
Coverage Amount:
Coverage Amount:$250K
GEICO$389.08
Transamerica$389.08
Allstate$389.66
Protective$452.38
Mutual of Omaha$473.15
State Farm$480.59
Prudential$484.31
AAA$550.88

Cheapest for Young Adults and Seniors: GEICO

GEICO

pros

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A++ AM Best financial stability rating

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Low rate of customer complaints

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No-exam products available through partners

cons

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Doesn't issue its own life insurance policies

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Limited payment options

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No whole or universal life products

COMPANY HIGHLIGHTS

GEICO has been a key player in the insurance industry for 87 years and partners with several companies like Ladder to offer term life insurance. While GEICO doesn't issue its own policies, it does provide a range of term lengths from 10 to 30 years and coverage amounts between $100,000 and $8 million through its partners. The company excels in customer satisfaction, evidenced by a low rate of complaints. GEICO also offers 24/7 online chat support but falls short in payment flexibility and product diversity, lacking whole and universal life options.

Cheapest for Smokers Who Want a High Coverage Amount

Transamerica is the cheapest life insurance company for smokers looking for a high coverage amount. The average monthly cost of a Transamerica 10-year term life insurance policy with a $1 million coverage amount is $61.91.

Data filtered by:Results filtered by:
Gender:
Gender:M
Term Length:
Term Length:10
Transamerica$61.91
GEICO$62.03
Allstate$68.26
Protective$73.35
Nationwide$77.23
AAA$99.43
Mutual of Omaha$107.69
State Farm$112.73
Prudential$148.63
Haven$165.48
Bestow$206.60
Fidelity$218.11
Progressive$218.11

Cheapest for High Coverage: Transamerica

Transamerica

pros

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A AM Best financial stability rating

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Comprehensive product diversity

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No-exam option for high coverage

cons

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Higher-than-average customer complaints

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No 24/7 online chat support

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Mobile app limited to retirement

COMPANY HIGHLIGHTS

Transamerica has a 95-year history in the insurance industry and offers a wide array of life insurance products, including term, whole, universal and final expense policies. The company stands out for its high coverage options, ranging from $25,000 to $10 million, and term lengths from 10 to 30 years. Transamerica issues its own policies and provides multiple payment options. It also allows for the conversion from term to permanent policies. While the company scores well in financial stability with an A rating from AM Best, it has a higher-than-average rate of customer complaints.

Cheapest Life Insurance for Smokers by State

Smokers can get life insurance regardless of where they live. Life insurance rates don't vary significantly by state; however, average buyer characteristics, like age, height and weight, do. Because the cost of living can vary dramatically from state to state, the amount of necessary life insurance coverage also varies. MoneyGeek used the characteristics of the average life insurance buyer in each state to determine the cheapest life insurance companies for various coverage amounts.

Data filtered by:Results filtered by:
Gender:
Gender:M
Term Length:
Term Length:10
Coverage Amount:
Coverage Amount:$250K
AlabamaAllstate$23.54
AlaskaGEICO$55.21
ArizonaGEICO$43.20
ArkansasGEICO$28.55
CaliforniaPrudential$65.12
ColoradoPrudential$59.87
ConnecticutMutual of Omaha$43.21
DelawareHaven$24.48
FloridaTransamerica$31.35
GeorgiaPrudential$44.07
HawaiiTransamerica$32.44
IdahoPrudential$41.20
IllinoisPrudential$50.23
IndianaGEICO$38.53
IowaPrudential$41.59
KansasGEICO$42.36
KentuckyTransamerica$21.47
LouisianaGEICO$38.49
MaineTransamerica$28.13
MarylandAllstate$38.27
MassachusettsAllstate$32.22
MichiganGEICO$24.33
MinnesotaPrudential$49.58
MississippiPrudential$32.10
MissouriAllstate$21.03
MontanaTransamerica$27.57
NebraskaTransamerica$27.57
NevadaPrudential$52.04
New HampshirePrudential$37.10
New JerseyAllstate$40.18
New MexicoPrudential$37.55
New YorkHaven$28.99
North CarolinaTransamerica$24.36
North DakotaHaven$38.09
OhioTransamerica$23.14
OklahomaGEICO$38.19
OregonMutual of Omaha$34.57
PennsylvaniaAllstate$28.62
Rhode IslandPrudential$32.78
South CarolinaHaven$20.00
South DakotaHaven$39.73
TennesseeTransamerica$24.45
TexasGEICO$40.88
UtahGEICO$42.21
VermontTransamerica$29.77
VirginiaPrudential$56.64
WashingtonPrudential$63.13
West VirginiaGEICO$15.13
WisconsinTransamerica$26.02
WyomingPrudential$52.18
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HOW LIFE INSURERS DEFINE A SMOKER

Insurance providers have specific criteria to define a smoker, which significantly affects life insurance smoker rates and policy terms. Typically, any use of tobacco products within the last year categorizes an individual as a smoker. This includes cigarettes, cigars, chewing tobacco, snuff, pipes and even nicotine patches or gum if they are prescribed as part of a cessation program. Policy applications may require a life insurance nicotine test to verify the presence of nicotine or cotinine, a metabolite of nicotine, in the bloodstream.

Insurers also consider the frequency and quantity of tobacco use when assessing life insurance for tobacco users. Occasional cigar smokers may not face the same premiums as regular cigarette smokers, but the definition varies by insurer.

Whether getting term life insurance for smokers or whole life insurance for smokers, premiums will be higher than for nonsmokers due to the increased health risks associated with smoking.

How Smokers Can Get Cheaper Life Insurance

The rates from the above companies are already pretty cheap. Still, you can find even lower premiums by shopping around for life insurance options, such as paying a lump sum for coverage or buying as soon as possible.

  1. 1
    Pay annually instead of monthly

    You can save a significant amount when you choose to pay your premiums annually instead of monthly.

  2. 2
    Buy as soon as possible

    Your age can also affect the cost of your life insurance, so signing up as early as possible helps lower the cost of an expensive premium due to your smoking history. When buying, comparing life insurance quotes for smokers from multiple providers can help you find the best rates and coverage options tailored to your situation.

  3. 3
    Consider cheap term life insurance for smokers

    You can opt for a smoker term life insurance policy that covers you for a specific period lasting around 10–20 years and only provides the most basic protection. This type of insurance is generally more affordable because it lacks the investment component and accumulates no cash value.

    Consider universal life insurance if you want to customize your premiums and death benefits based on your needs and profile. While universal life insurance for smokers offers greater flexibility and the potential for cash value growth, it typically comes at a higher cost than term insurance for smokers. This is due to the added administrative fees and the investment component, which can be more complex and riskier.

  4. 4
    Quit smoking

    The best way to lower your rates permanently is to quit smoking altogether. Some life insurance providers allow you to retake the nicotine test after a year and re-negotiate your rates. You can also switch between providers, which could give you a standard rate when you are smoke-free for more than 12 months.

Getting life insurance for a smoker shouldn’t break the bank. You can find affordable life insurance if you shop around, buy strategically or make lifestyle changes to lower the cost. For example, paying in a lump sum automatically gives you a discount. Purchasing a life insurance policy for smokers before you need it and as early as possible is another way to save on your premiums in the long term.

By shopping around, you are not only protecting yourself against fraud from possible life insurance scammers, but also ensuring that you’re buying the best life insurance for your needs and budget.

LYING ABOUT SMOKING ON A LIFE INSURANCE APPLICATION

Honesty on a life insurance application is critical, particularly regarding smoking status. When applicants provide false information, such as lying about smoking on life insurance, they face serious repercussions. Insurers typically verify smoking status through a nicotine test for life insurance. Discovery of false declarations can lead to a life insurance claim being denied due to smoking or even policy cancellation, leaving the insured without vital coverage. Always ensure transparency to maintain the integrity of your smoker's life insurance agreement.

No-Exam Life Insurance for Smokers

No-exam life insurance for smokers offers a convenient option for those who prefer to bypass the traditional medical underwriting process. This type of policy can be appealing because it eliminates the need for a medical exam, which can be a hurdle for smokers concerned about potential health issues impacting their rates or eligibility. However, these policies typically come with premiums higher than standard term life insurance for smokers. Insurers view the lack of medical assessment as a higher risk, especially when underwriting smoking life insurance.

Therefore, while opting for life insurance for smokers with no medical exam simplifies the application process, it does so at the cost of increased premiums, reflecting the elevated risk associated with insuring smokers without a full health assessment. Some insurers might offer competitive rates for no-exam policies, especially if other health indicators are good.

Frequently Asked Questions About Life Insurance and Smoking

MoneyGeek answers the most frequently asked questions about getting life insurance for smokers.

Does smoking affect life insurance?
Which company provides the cheapest life insurance for smokers?
Can I still get life insurance if I smoke?
How much more is life insurance for smokers?
What do life insurance companies consider "smoking"?
Do life insurance companies test you for smoking?
What happens if I start smoking after I buy life insurance?
How long can I be smoke-free for cheaper life insurance?
Does insurance cover cancer if you smoke?

About Mark Fitzpatrick

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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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