Smoking And Life Insurance Premiums Over 40
Most people will recognise the benefits of securing the best life insurance for forty-year-old adults and that higher-risk careers and lifestyle factors can sometimes push their premiums slightly higher.
However, what difference does your age make, and should you pay more for life insurance as a past smoker?
Most insurance providers consider current smokers higher risk and quote higher premiums for life and critical illness coverage. Likewise, the higher your age, the more statistically likely you are to become unwell, which is why premiums usually become higher.
Depending on the type, value, and duration of life insurance you need, you’ll also find that some providers will always quote higher if you’ve ever been a smoker in your lifetime.
However, the cost difference begins to fall if you’ve stopped smoking for five years or longer.
Compare Smokers Life And Critical Illness Cover Insurance Today – Quick Quote Form
Smoking and Life Insurance: Understanding the Risks From an Insurer’s Perspective
Parents generally appreciate the role of life insurance in supporting children’s education after forty.
Suppose you have children in primary or secondary education and are considering private school or college or helping with university costs. In that case, you’ll know that education is far from cheap.
This is why many parents purchase life insurance at around age forty when they are more likely to have stable careers and incomes and can think about long-term planning and the right ways to implement future protection for their children.
Of course, this doesn’t mean there aren’t excellent life insurance options for those over forty with no dependents in the UK or that you might not wish to buy life insurance to safeguard your loved ones or even provide an injection of money to support your pets or business interests if you were to pass away!
However, being a current or past smoker will inevitably come up on life insurance questionnaires, and it’s essential you are truthful.
The issue can be that, even if you quit smoking years ago, a failure to disclose this could put your family or claimant in a tight spot.
If it is later revealed that you had a condition that was caused or exacerbated by smoking in the past, your insurance could be invalidated, regardless of how much you might have paid in premiums over the years.
The table below compares Term and Decreasing Term coverage costs for smokers in the forties age bracket. The quotes are based on £100,000.00 of cover over 20 years.
| Age | Level Term (20-year term for Smokers) | Decreasing Term (20-year term for Smokers) |
|---|---|---|
| 40 | £14.26 | £9.56 |
| 45 | £21.84 | £15.63 |
Why Life Insurance Providers’ Quotes Are Higher for Smokers
We all know that health professionals advise against smoking, and with changes in trends and laws here in the UK, it’s a habit more and more are breaking away from.
However, if you are a smoker, you can purchase life insurance, and Insurance Hero would be happy to help you.
Cover can cost more than for a lifetime non-smoker because smokers and ex-smokers, or their nominated beneficiaries, are typically more likely to make an insurance claim following a diagnosis of an illness or a fatality.
Circumstances and Factors That Influence Life Insurance Premiums
One part of life coverage that people often find complex is the many questions they might be asked. However, this isn’t specific to you or your application and is simply part of our ability to offer an accurate quotation.
Smoking is also one of several reasons you might find one policy more expensive than the next or your quote is a little higher than somebody else’s.
The following can all influence your life insurance costs:
- Your age, gender, and marital status
- Your career or profession
- The sports or activities you participate in
- Your medical history and that of your family
- The value and duration of the cover you want
- Whether you are buying life insurance for one person or a couple
- Your general health and BMI
- The type of life insurance product you’re considering
- Alcohol consumption habits
- Points or disqualifications on your driving license
- Your credit history
- Whether you have a previous history of insurance claims
It’s worth reiterating that these elements are simply part of how insurance providers analyse risk. They don’t always mean you won’t be eligible for a specific policy. Premiums are based on statistical averages rather than you as an individual.
At Insurance Hero, insurance is what we do–and it’s all we do. We give you the assurance that you’re accessing only the best possible premiums, rates, and coverage, whatever your age or lifestyle and whether you are a smoker, past or present.
Steve Case is a seasoned professional in the UK financial services and insurance industry, with over twenty years of experience. At Insurance Hero, Steve is known for his ability to simplify complex insurance topics, making them accessible to a broad audience. His focus on clear, practical advice and customer service excellence has established him as a respected leader in the field.
