Quitting Smoking (or Vaping) and Life Insurance

Life insurers offer lower rates to non-smokers.

The hullabaloo of the holidays has finally settled, and many Canadians are now focusing on their New Year's resolutions. For those of you who resolve to quit smoking or vaping, there's good news. Not only will you save money on the items and products you no longer buy, but you'll also enjoy savings on your life insurance premiums.

Does Vaping Count as Smoking?

Vaping is still in its early days so there is a lot of variability across life insurers on whether or not vaping is treated in the same way (i.e. higher premiums) as people who smoke cigarettes or cannabis. If you vape nicotine or cannabis, you’re virtually guaranteed to be considered a smoker; if you don’t, there’s a chance you won’t be.

The reality is, however, that as more research is done on the use of vaping there may come a time when even vaping with nicotine-free e-liquids may result in higher life insurance premiums. The jury is still out.

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Life Insurance and Smoking or Vaping—Incentive to Quit!

As a smoker, you may have thought getting life insurance was too expensive. While it's no secret that life insurers provide coverage to smokers at a higher premium than non-smokers, it's likely more affordable than you think. However, there is certainly no denying non-smokers get a premium break on their life insurance rates.

Quotes for a $250,00 Term 10 life insurance policy

Age Gender Smoker Premium (Annual) Non-Smoker Premium (Annual)
30 Female $193 $125
30 Male $295 $160
40 Female $350 $145
40 Male $460 $195
50 Female $768 $303
50 Male $1,285 $425

Lowest quote offered online at Kanetix.ca in December 2019. Annual premiums shown.

How Long Does It Take after Quitting to Be Considered a Non-smoker?

Once you’ve been smoke or vape-free for a full year, many life insurance companies consider you a non-smoker. It generally doesn’t matter if you smoked for five years or 20 years, once you’ve kicked the habit for good all it takes is one year to wipe the slate clean.

Don’t Wait for Your Smoke-Free Status to Secure Coverage

Waiting until you've been smoke-free for a year to get non-smoker rates for your life insurance, is a risk no one should take; especially, when premiums—even smoker's premiums—only costs a few dollars a day. It's better to have life insurance in place, should the worst happen, than no coverage at all. What's more, you can always revisit your policy with your life insurer once your smoke-free status is official.

Compare Term Life Insurance Quotes Today

If you've been putting off getting life insurance because you smoke or vape and just recently quit, don't let the misconception of high life insurance rates deter you any longer. No matter what your smoking status, at Kanetix.ca, you can easily and quickly compare life insurance quotes to speak with a licensed life insurance advisor who can help you get the coverage you need at an affordable price.

Here's to your health and a smoke-free year!

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