Life Insurance Rates for 55 Year Old Chewing Tobacco User
Are you shopping for the best life insurance rates for a chewing tobacco user?
In this quick blog post, I want to provide the top term life insurance rates for a 55 year-old chewer of tobacco. So if you were born in 1961, you can use this as a quick reference to get a good idea of how much life insurance premiums will be for your age combined with tobacco chewing habit.
Just remember: the most important thing you can do is apply with a life insurance company that does not rate you with a tobacco rating. The tobacco health rating will cost at least 2x more per year. That’s because you’re lumped in with all the cigarette smokers.
Here at Dipsurance, we in helping chewers save money by securing non-tobacco life insurance rates. Here’s sample rates at age 55:
10 Year Term Life Insurance Rates for 55 Year-Old Tobacco Chewer
The good news about buying a term policy at age 55?
It’s still possible to find affordable term life insurance policies at this age. Like mentioned above the key is finding a carrier that will view your spit tobacco habit in a favorable light and offer you a non-tobacco rating.
Because each company has different underwriting guidelines on age and tobacco use, it’s really important for you to find a company that is chewing tobacco friendly.
To illustrate each example, I’ll provide you with the best non-tobacco rate (that you can get as a chewer) and the best tobacco rate that you can get if you don’t apply with the right company.
Let’s first take a look at rates for ten year term coverage for a 55-year old :
Quotes for 10 Year Coverage between $250,000 and $1,000,000 in Death Benefit
Quick Summary of Chewing Tobacco Quote: This quote is for a fifty-five year old chewer of Redman Tobacco who is looking to purchase life insurance coverage to cover his mortgage payment over the next ten years. This situation is very common among our clients, as they want affordable chewing tobacco life insurance coverage to protect them until the house is paid off or until retirement.
Coverage Amount | Best Annual Premium for Non-Tobacco Rate | Best Annual Premium for Tobacco Rate |
|---|---|---|
$250,000 | $870 per year (or $78 per month) | $2264 per year (or $196 per month) |
$500,000 | $1590 per year (or $139 per month) | $4030 per year (or $353 per month) |
$750,000 | $2340 per year ( or $205 per month) | $6010 per year (or $523 per month) |
$1,000,000 | $2605 per year (or $234 per month) | $7110 per year ( or $622 per month) |
(Rates Shown Above are for Male Age 55 with Standard Plus Health)
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Let's move on and take a look at 15-year quotes for a chew tobacco users:
15 Year Term Life Insurance Quotes for Fifty-Five Year Old Men
Still good news…
Term life insurance coverage lasting 15 years (guaranteed level premiums for all fifteen years) is still affordable at age 55! This is by far the most common coverage length we quote for chewers at this age. It’s a common term length for financial reasons such as:
- Coverage to age 70: common age that most want/need coverage through
- Most tobacco chewers will be retired: coverage will last until retirement
- No Mortgage: mortgages on homes and other debt typically paid off by 70
- Provide retirement income protection: the last 10-15 years before retirement are important savings years
For these reasons and many more, an affordable 15-year term policy is an important financial tool in your 50s. Let’s take a look at quick sample rates:
Example Quotes for 15 Year Coverage of $250,000 - $500,000 - $750,000 - $1,000,000
Quick Summary: this is sample rates for a Levi Garrett tobacco chewer that is looking to buy a policy to make sure his wife can securely retire if something happens to him during his highest income earning years before retirement. This policy would provide her with a lump sum tax-free death benefit for her to invest and use for income during retirement if he passed away unexpectedly.
Coverage Amount | Best Annual Premium for Non-Tobacco Rate | Best Annual Premium for Tobacco Rate |
|---|---|---|
$250,000 | $963 annually ($86/mo) | $2989 annually ($258/mo) |
$500,000 | $1840 annually ($165/month) | $5909 annually ($511/mo) |
$750,000 | $2717 annually ($244/mo) | $8831 annually ($764/mo) |
$1,000,000 | $3575 annually ($321/mo) | $11,634 annually ( $983/mo) |
(The Premiums Shown Above are for a 55 Year-Old Man rated Standard Plus Health)
Here’s what should jump out to you about the above rates:
Securing a non-tobacco rating could mean buying a million dollars ($1,000,000) in coverage for almost the same price as a $250,000 tobacco rated policy for the same person! There only about a $500 difference in annual premium if you compare the cost of $1 million (annual cost of $3575) at a non-tobacco classification vs. the tobacco classification for $250,000 in coverage (annual cost of $2989).
Said in another way…applying with the right company could mean almost an additional $750,000 in coverage for basically the same price. That’s why we specialize in helping chewers of tobacco buy an affordable life insurance policy online and see all options!
20 Year Term Life Insurance Quotes for Male Age 55 (Born 1961)
On to the 20-year term period…
Typically, most tobacco chewers age 55 are looking for twenty year term coverage for a specific need they’re looking to cover. Purchasing coverage for twenty years is still affordable in your 50s, just know that the increases in premiums for an additional five years can be costly. Most chewers look for this coverage to:
- Cover a specific mortgage or debt schedule
- Bought as part of buy/sell agreement for selling a business
- Have young children to buy income replacement protection
- Later retirement date
- While not recommended, certain legacy and estate planning scenarios
Let’s take a look at the cost of insuring for 20 years…
Sample Chewing Tobacco Rates for Twenty-Year Term Coverage at Age 55
Quick Summary of Quotes: in this case study of sample rates, we are taking a look a man that recently quit chewing tobacco and is trying to secure coverage for to cover the remaining twenty-years left on his mortgage. Taking out a policy to insure against a premature death will protect his loved ones financially from being responsible for his house payments.
Coverage Amount | Best Annual Premium for Non-Tobacco Rate | Best Annual Premium for Tobacco Rate |
|---|---|---|
$250,000 | $1240/year ($112/month) | $3684/year ($319/month) |
$500,000 | $2395/year ($215/month) | $6805/year ($595/month) |
$750,000 | $3550/year ($320/month) | $10,172/year ($890/month) |
$1,000,000 | $4655/year ($419/month) | $13,270 ($1161/month) |
(Annual and Monthly Rates Shown Above for Standard Plus Rating on Male at 55-Years Old)
It should be no surprise by now…
Premiums for a tobacco classification (aka smoker rating) is 3x more expensive than the same policy for a spit tobacco chewer that buys coverage in the non-tobacco classification. Nobody in their right mind would want to overpay by three times for the same exact coverage!
But don’t worry: Dipsurance will help you find the best chewing tobacco term rates in 2016! We work with over 40-top rated companies and specialize in helping chewers and dippers buy life insurance. Get started today with your free chewing tobacco quote in less than 30 seconds!!
