Do you smoke? If so, you’re not alone. Recent statistics show that 12% of Canadians over age 15 are smokers and 6% are vapers.

Of course, you’ve already heard that smoking is bad for your health. So as a smoker or vaper, you need a way to protect the people who depend on you, which leads to the question … Can smokers with preexisting conditions secure life insurance?

In fact, they can. Although some life insurance carriers may deny your application based on your status as a smoker or your medical history, you still have life insurance coverage options. Even better, coverage may be easier to obtain and less expensive than you think.

Traditional Life Insurance Underwriting Punishes People with Health Issues

Before you can buy life insurance, you need to apply and go through the underwriting process. The traditional underwriting process is thorough. You typically need to answer questions about your health, take a medical exam, and receive blood and urine tests.

If you’re in perfect health with no high-risk habits, this process is a hassle, but it’s nothing to worry about. On the other hand, if you smoke and have preexisting conditions, the insurer may charge you a much higher rate. In some cases, insurers may outright reject your application. As a result, people with health issues – the people who need life insurance the most – end up without the coverage they need to protect their loved ones.

Fortunately, there is an alternative.

The Solution: No-Medical Life Insurance

No-medical life insurance is exactly what it sounds like: life insurance coverage with no medical underwriting. This means you receive the coverage without a medical exam or tests. Even if insurers have denied your life insurance applications in the past, you may qualify for no-medical coverage now.

No-medical life insurance is ideal for certain groups of people:

• Smokers and others with habits, hobbies, or jobs that life insurers consider dangerous. If insurers view you as risky due to your activities, no-medical coverage is a good option.
• Anyone with preexisting medical conditions, such as cancer, diabetes, or heart disease. Millions of Americans have preexisting conditions. If you’re one of them, you should consider no-medical life insurance.
• Anyone who wants to avoid medical tests for any reason, such as a fear of needles. If you simply want to bypass medical underwriting, no-medical life insurance is the way to do it.

How Much Coverage Can You Receive?

No-medical life insurance is a type of term life insurance. It provides coverage for a predetermined number of years, as long as you pay the premiums during that period. If the policyholder dies while the policy is in force, the beneficiary receives a payout (commonly called the death benefit).

No-medical life insurance coverage is often robust. Although the details vary depending on your age and the company, it’s possible to receive the following:

• Terms of anywhere from 10 to 25 years. If you’re buying coverage because you have children and want to make sure they’re taken care of, a 25-year term should be sufficient for your needs.
• Benefits of $25,000 to $10,000,000. If you’re the breadwinner for your family, you’ll need enough coverage to replace your income. Thankfully, no-medical life insurance provides high limits to give your family financial security.
• Access to additional benefits. Some policies offer additional benefits, such as a hospital cash benefit that provides a benefit if the policyholder is hospitalized due to an injury or illness.

Never Assume Coverage Is Out of Reach

The 2024 Insurance Barometer Study from LIMRA found that 42% of adults know they don’t have the life insurance they need. A common reason for not buying coverage is assuming it will be too expensive. However, 72% of Americans overestimate the cost of coverage.

If you need life insurance to protect your family, don’t assume coverage is out of reach. No-medical term life insurance is available to adults from ages 18 to 75, including those with preexisting medical conditions and cigarette usage.

The best way to find out about your coverage options and costs is to work with a life insurance broker to receive a quote. I specialize in no-medical life insurance coverage and can provide an obligation-free quote.

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