Smoker’s life insurance – Smoking can kill your wallet
In this day and age, with the growing health dangers of smoking, it's hard to find anyone who actually smokes. But that doesn't mean smokers aren't paying for their habit in other ways — they're locking themselves into long-term contracts with insurance companies. If you're enrolled in a smoker's life insurance policy that will cost you more than 10 percent of your yearly salary, do yourself and your wallet a favor by quitting right now! In America alone, life insurance costs an average of $7800 per year. But so what? That's just not worth the gamble. All you need to do is quit smoking for a month or two, and you'll save enough cash to keep you from ever buying a smoker's policy again. You can't say the same about your wallet.
What's going on?
When it comes to life insurance, there's one thing that smokers never think about: There is no money in life insurance policies for cancer, childbirth or heart disease. But there are 18 other ways in which smoking can ZAP your bank account! Namely: Getting sick
Smokers die of various conditions such as lung cancer, emphysema and heart disease, all of which are covered by life insurance. But since smokers have more of a chance to get sick, they're less likely to live as long as nonsmokers.
Paying for your habit
According to a study by the Centers for Disease Control and Prevention from 2010, smoking costs about $130 billion per year in the U.S., which is more than the cost of health care for all smokers combined. The estimated health care costs of smokers over their lifetime is $60000. That includes direct health care costs (such as doctor visits), lost wages and the cost of treating diseases that smokers could prevent. That doesn't include the cost of life insurance!
Life insurance is a huge factor in that equation. But it gets worse. Thanks to life insurance, smokers are preventing their families from getting that money in inheritance. One study found that smokers would need to earn an average of $30000 more per year over their lifetime for nonsmokers to break even on life insurance costs and earning potential.
Tobacco companies pay for your habit
Because fully paid policies eliminate any income outlay by the insured, using term life insurance as a substitute means you could be handing over anywhere between 10 and 20 percent of your yearly salary for the rest of your kids' lives. If you smoked, that would be a nice chunk of change — and it would all be gone if you passed away!
If you quit smoking and save that money, you'll never have to pay for a smoker's life insurance again. It'll be yours to keep.
The 20 best-paying insurance companies of all time are:
1. American International Life Insurance 2. The Hartford 3. The Prudential 4. AIG 5. MetLife 6. Northwestern Mutual 7. The New York Life 8. Mercury Insurance 9. Safeco 10. The Principal Financial Group 11. Foreign & Fire Insurance Company 12. Northwestern Mutual 13. Adriana Group 14. Univera 15. International General 16. TIAA-CREF 17. Lincoln Financial Group 18. Amrica 24 Life 19 . Industrial Alliance Life 20 . National Western Life 21 . German American 22 . Forethought 23 . Symetra 24. John Hancock 25. Mutual of Omaha
And the 20 worst-paying insurance companies of all time are:
1. Phoenix 2. Amica 3. Mutual Benefit 4. Horace Mann 5. Farmers Union 6. MCAN 7. MetLife 8. Uniguard 9. Aetna 10 National Fire 11 . Aetna 12 . Farmers Union 13 . Southern Sun Life 14 . MetLife 15 . Phoenix 16. CNA Insurance 17. Mercury Insurance 18. Empire Life 19 . Empire 20. The Hartford 21. Amazon 22. Amica 23. Washington Mutual 24. Travelers 25 . Liberty Mutual 26. Empirica 27. New Hampshire Life 28 . Liberty Mutual 29 . Milwaukee Life 30 . Adams Life 31. 1st American Insurance 32. Washington Mutual 33. Lincoln National 34 . Union Insurance 35 . Travelers 36 . Kaiser Permanente 37 . The Hartford 38. Traveler's Group 39. New Hampshire Life 40 . Phoenix
Sources:
- http://www.sqlxchange.com/features/burnout_days_at_work/ - http://www.mlive.com/lansing-news/index....life --http://moneytalksnews1.blogspot....s-deaths.html
--https://www.cdc.gov/tobacco/data_statis.../smokers-died.html --http://www.factcheck.org/2009/04/does_smoking_cause_cancer/ ---- http://www.nativewebhosting.com/blog....see-life-insurance --http://moneytalksnews1.blogspot....
Conclusion:
Most smokers should never consider buying life insurance, considering that their life expectancy is less than average. And depending on their health conditions, they might not be able to get the amount of insurance payments required for it.
Conclusion:
For someone who smokes, the chance of them getting sick and dying early is greater than average. They are more likely to have a lot of medical expenses throughout their lifetime. It is not worth buying life insurance for a smoker because they will get sick and die of something that is not covered by the policy in most cases. If you are considering life insurance for a smoker, this article can help you make an informed decision about what kind of life insurance could be best for your situation.