Why Smokers pay higher Insurance Premiums
The smoking habit is highly expensive. Whilst you may proclaim to truly enjoy every cigarette you smoke, it begs the question: ‘is that enjoyment worth the cost?’ To insurance brokers there are two types of prospective customers; smokers and non-smokers.
Loaded life insurance premiums are what happens to every single smoker. Someone who calls himself ‘just a social smoker’ because he occasionally smokes and someone who smokes everyday can end up in the same life insurance category. If you smoke more than 20 cigarettes a day it is even more. A smoker’s insurance premiums can be treble that of non-smokers. Insurance companies know that smoking magnifies the risk of untimely death.
Insurance cost is a huge issue, but not the only financial one. Neither is untimely death. A smoker literally burns his money away in higher insurance premiums .The financial penalties extend far past the price of cigarettes. The smoker endures many other costly consequences to lighting up.
Smokers pay more for health insurance premiums, dry cleaning and for teeth whitening at the dentist. All of these costs put a large dent in his wallet. Homes and vehicles that retain the stench of cigarette smoke lose resale value. Insurance companies even believe smokers are more likely to burn down the house.
As if that is not enough, studies show that smokers earn up to 11 percent less than non-smokers. Employers think of time wasted on smoke breaks. Smokers may be overlooked for a job.
The consequences of smoking don’t only affect the smoker himself, but has ripple effects that touch others near him. Smokers with group life insurance, push up insurance premiums for non-smokers.
Fires caused by smokers who fall asleep whilst smoking or are just plain careless with their habit, incur costs. Fires started this way, take the lives of many innocent people and animals every year. Smoking is by far the most common cause of untimely death today.
If this quick fix doesn’t kill you, it will greatly reduce your quality of life and jack-up your life insurance premiums.