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Ex-smoker? You could be missing out on cheaper life insurance

Liam T.
Last Updated on 11 December 2020
13 min read
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Smokers often pay up to double the price for life insurance compared with non-smokers. If you’ve recently given cigarettes the flick, then it’s time to review your policy because you could save could save up to $1000 on your yearly premium*.

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We’ve heard the message from government health campaigns several times: cigarettes and other nicotine products are directly connected with several serious and terminal diseases, including cancer, stroke, heart disease and diabetes.

Life insurers know this too. Their policies for smokers are more expensive, as insurers add a risk loading to your policy.

It’s why quitting smoking can lead to people saving hundreds of dollars in premiums. Yet many ex-smokers don’t check if they can get cheaper life insurance as a result.

Why the savings add up.

If you haven’t smoked in a year or more, you’re typically classified as a non-smoker, and that means you’re eligible for a lower premium.

Here’s how an ex-smoker could save $386 a year on their life insurance.

  • To be considered a non-smoker, you usually need to have quit for a minimum of 12 months, although different insurers can vary their definition of this (vaping, nicotine patches and cigars are often still classified as smoking).

  • The average premium for a smoker in their fifties is $822 per year for $1m of cover, based on the funds on Life Insurance Comparison’s panels*.

  • The average price for a non-smoker for the same level of cover is $435**.

A quick way to get cheaper premiums

Quitting smoking is a great opportunity to review your existing life insurance or take out a new policy. A short chat with one of Life Insurance Comparison’s specialists from our team could help you make significant savings on your existing premium.

And if you’re looking for your first life policy after ditching the cigarettes, our team can find the most affordable quote from our panel of insurers.

We love quitters at Life Insurance Comparison. So celebrate giving up by cutting the cost of your life policy today.

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This article is opinion only and should not be taken as medical or financial advice. Check with a financial professional before making any decisions.

*Based on an average policy of $2,000 taken out through Life Insurance Comparison’s panel of insurers.
**Based on 10 insurers on Life Insurance Comparison’s panel, accurate as of 3 December 2020.

So, why invest in Life Insurance?

Protect Your Loved Ones

Safeguard your families financial future by covering costs, such as those during a time of an unexpected loss.

Peace of Mind

Know your loved ones will be financially secure if anything were to happen.

Prepare for Unexpected Events

Rest assured knowing you have a contingency plan in case of unexpected events.

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We do not compare all life insurers or products in the market. Any advice provided in this website is of general nature and does not take into account your needs, objectives or financial situation. You should consider the appropriateness of it (and any relevant product) before proceeding, and read the relevant Product Disclosure Statement for the product. For more information about the range of insurers, how Life Insurance Comparison works for you, and how we make our money (keep in mind our quotes are free for you to utilise), click here and take the time to read our FSG. The financial products compared on this website do not necessarily compare all features that may be relevant to you. Comparisons are made on the basis of price only and different products may have different features and different levels of coverage.