Stop smoking and save on life insurance rates
If you are a smoker and you are in the market for life insurance in Canada, you know that smoking does cost you significantly more than a non-smoker.
In the illustrated example you can see that this smoker, aged 35 has a premium for a 10 year term life insurance rates double that of a non-smoker.
Should you take out a policy now and then quit smoking, you can save quite a bit of money, you can request to have it changed to a non-smoker policy assuming that you have quit for 12 months. If you want life insurance now and are concerned about the premium you would pay, we can offer you a program that provides you an incentive to stop smoking when you take out a policy with life insurer, Equitable Life.
The way Equitable life works is that should you quit smoking for 12 consecutive months within the first two policy years, Equitable life will refund the difference between what you pay as a smoker and what you would have paid as and non-smoker for a maximum one month period. The program is subject to certain conditions and is available on select products.
If you are planning to quit and would like permanent insurance such as Whole Life Insurance or Universal Life Insurance, you may also want to consider a term life insurance policy with a conversion privilege. You can then convert that policy when you stop smoking for the12 month period but just remember when you convert the premiums will be based on the current rates and your current age.
About the Author
Neil Lecky is a Life Insurance Advisor, Group Employee Benefit Specialist and an Investment Funds Advisor with Alliance Financial Group. He is also a Branch Manager and Investment Funds Advisor with Investia Financial Services Inc., a mutual fund dealer.