Everyone should obtain life insurance as soon as possible, because it is cheaper the younger you are and you can’t plan for an unexpected death.

Now, the healthier you are, the cheaper your premium and monthly payments will be. But that does not mean that someone who has a health defect or bad health habits cannot obtain life insurance. After all, even if it costs you more per month, you are insuring not yourself but your family’s financial future once you die.

The article, “Smokers Life Insurance” posted on finacialone.com explains how many insurance companies have loosened their smoker’s policy guidelines to a degree that now may be the best time to get life insurance if you are a smoker.

Traditionally, life insurance companies charged smokers up to three or four times what a healthy person the same age would be required to pay.

“This has changed in recent years, as the life insurance market has grown more and more competitive. Insurance companies have realized that smokers comprise approximately a quarter of the US population, and that the needs of such a large group could not be ignored.”

Until recently, many smokers did not bother with life insurance because of the drastic price increase. It would be just as wise to save for themselves instead of paying the high monthly premiums. But now, some companies specialize in “smoker’s insurance” while others have redefined what they consider a smoker altogether.

“All that said, it is more important than ever that you shop around for the insurance policy that offers the best deal for you. You are considered a smoker if nicotine is found in the urine sample you provide as part of the medical examination your insurance company requires.”

But, as mentioned, it is important to remember that different companies have different stipulations as to what constitutes a smoker.

Overall life insurance coverage is classified into three groups, “Standard,” “Preferred” and “Preferred Plus.” The best and most affordable coverage is “Preferred Plus.”

“These ratings will be affected by your general health, but also by how much you smoke. If you smoke only two or three cigarettes a day, you will get a better offer than if you finish an entire pack in the same time. Not all companies will have this distinction, so it is important you find the one that matches your situation best.”

You will also want to shop around different life insurance companies to see if their definition of a “non-smoker” fits your lifestyle. Some companies refer to a “non-smoker” as someone who smokes an “x” amount of cigars, etc. per month or less. This is very critical depending on the company. You may be a “smoker” with one company and a “non-smoker” with another.

“The last factor you should take into account is what happens to your premiums should you quit smoking. Insurance companies generally have a minimum period during which you must not have smoked before they are willing to consider you a non-smoker. That period will vary greatly from company to company. Some companies will only consider you a non-smoker after you've stayed away from smoking for five years. Others, however, will lower your premiums after as little as one year of you remaining tobacco-free!”

Every policy and its premium are contingent on the company. So, if you are a smoker, you have hope. You just need to be patient and keep searching for a company that will offer you the best program and rates.