Thursday, December 12, 2013

Could It Be Fair For People who smoke To Pay For More For Life Insurance Coverage

Smokers pay more for life insurance.

Life insurance companies have always charged higher premiums than people who smoke. Although this may seem unfair, the decision to make tobacco users pay more was not made simply out of bias or discrimination, but rather after careful analysis and consideration of the clear facts regarding smoking and its effect on life expectancy.

It's Expensive

The cost of a pack of cigarettes has increased exponentially, and continues to rise every year. With the added expense of buying cigarettes, there is a directly-increasing chance that a smoker will be unable to continue paying his life insurance premiums if his earned income does not keep pace. Since smoking is an addiction, a smoker is more likely to spend his money on cigarettes than life insurance payments if forced to choose.

It Causes Diseases

Smoking has been proven to directly cause multiple life-threatening diseases. Smokers are at much greater risk of contracting these diseases, which also increases the chances that they will die unexpectedly. Since the life insurance company must consider the potential financial risk involved with providing them coverage, the cost of the policy must be higher to account for the increased possibility of a payout.

It Shortens Lifespan

Medical studies have demonstrated that a lifetime of smoking reduces a natural lifespan by several years, if not more than a decade. Even if smoking is not directly related to death, statistics show that smokers live a shorter life. This results in the life insurance company paying out on a policy earlier than it would have for a non-smoker, which means there was less time to invest premiums to earn the money required to pay the beneficiaries.

It Increases Risk of Auto Accidents

A smoker increases the likelihood that she will be involved in an accident because she is often driving with only one hand and looking away to light or extinguish her cigarette.

It Increases Risk of Causing a Fire

Many people die every year in fires caused by cigarettes. This fact makes smokers an increased risk to life insurance companies because the chances of dying in a fire are greater for smokers.

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