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A term life insurance policy, for smokers or for anyone, answers the needs for people who foresee the need for life insurance for a certain period of time. The main appeal of term life insurance is its relatively low cost for a relatively large amount of coverage. After the specified term is over, the policy often may be renewed for another period of time (usually at a higher rate), or converted to a whole life policy on request. Smokers term life insurance is basically a term life insurance policy tailored to the financial needs of cigarette smokers.
Many smokers put off buying life insurance until after they have quit smoking. However, that puts your family at risk during the time you are uninsured. You may not be able to quit smoking as soon as you hoped, and even after quitting smoking, it will be a full year before a cigarette smoker can get a nonsmoker life insurance rate. Meanwhile, your rates will go up due to your age increasing. Life insurance rates can go up across the board. In addition, if you have a change of health, your rates could raise more for that than if you have paid smoker rates.
Term Life Insurance generally comes in terms as short as 5 year Term and as long as 30 year Term. The longer you lock in your term rate, the higher the rate. Therefore, getting your smokers life insurance in a shorter Term is one way to provide the protection your family or business needs, while still paying rates you can afford. A 10 year Term policy can buy you plenty of time to quit smoking, while bringing down your premiums enough to make them affordable. Then after you quit smoking, you can lock in the rate for a longer Term.