If youre a smoker, you may think that you cant get quality term life insurance coverage. In the highly competitive insurance marketplace, companies are beginning to realize that smokers are a large market segment who are willing to pay elevated (but not excessively so) premiums for term life insurance coverage. Yes, youll have to admit that you smoke and yes, youll have to take a medical exam, but since 1 in 4 Americans smoke, you wont be alone.

The fact that you smoke can be determined by a urine test that measures nicotine levels. Depending on the level, you might be classified as a light, moderate or heavy smoker and be charged accordingly. Some companies, however, do not make this distinction, and smokers are counseled to seek out companies that do. Smoking cigars and pipes and chewing tobacco dont rule you out, either. In fact, you may be classified differently, in a more positive way as a preferred smoker rather than a standard one, especially if youre in good health (as defined by the insurance company.) If you want quality coverage, be sure to tell the truth on your application. Otherwise, theres a good chance that no benefits will paid if you die.

If you stop smoking, eventually you may be able to qualify for lower non-smoker rates.

Your insurance company may have a sliding scale that reduces premiums according to the amount of time youve been smoke-free. If it doesnt, it would make sense to shop around for a company that does. At the very least, your company should change your status from standard to preferred when you quit smoking.

Stopping smoking is the right thing to do for both you and your family. You should be rewarded with better health, longer life and lower term life insurance premiums if you do. Be honest, shop around and youll be surprised how low those premiums can be.