Best Life Insurance Companies and Rates After Quitting Smoking 2021

Did you know there are now two top life insurance companies that offer Preferred non-tobacco rates to those who recently quit just smoking 12 months ago? See which life insurance companies offer the best rates for those who quit smoking and their premiums for 2021.

This post will show the best life insurance companies and rates after quitting smoking 2021.


First, Congratulations! It’s not easy to quit smoking

If you recently quit smoking and are looking for a list of life insurance companies that will offer you the best rates in the country then you came to the right place. This post will go over: the definition of a smoker vs. non-smoker for life insurance purposes, exceptions and list the top life insurance companies companies in the country for those who recently quit smoking and their rates.


Definition of a non-smoker for life insurance

Life insurance companies define a non-tobacco user as someone who has quit smoking cigarettes for 12 months (1 year). That means you cannot have had one cigarette or any nicotine products during that time in order to qualify for a non-tobacco rate with any life insurance company.


Exceptions to receive a non-tobacco life insurance rate

Most companies do allow for the occasional cigar and it will not affect the rate, as long as you disclose it. There are a few companies that even allow unlimited cigars, chew, dip, nicotine gum, vape, edibles and marijuana and can still be eligible for a non-tobacco rate (as long as there were no cigarettes used in the past 12 months).


Important tip

Important Tip: Make sure you disclose any tobacco or nicotine use to your life insurance agent so they can place you with the right life insurance company from the start. Also, disclose all tobacco and nicotine use on the application in order to qualify for the non-tobacco rate. Insurance companies don’t like surprises!


Underwriting after quitting smoking and life insurance

When it comes to underwriting former cigarette smokers, life insurance companies look to see that you have quit for at least 12 months, one full year. Subsequently, each year that you haven’t smoked improves your rate and health class, as seen below.


Let’s take a look at the life insurance companies that offer the best underwriting guidelines for former smokers

12 months (1 year) after quitting smoking

12 months (1 year) after quitting smoking (since you last smoked a cigarette) there are currently two life insurance companies that offer a Preferred non-tobacco rating class. These companies are Nationwide and Securian Financial.

12 months (1 year) after quitting smoking (since you last smoked a cigarette) there are currently two life insurance companies that offer a Preferred non-tobacco rating class. These companies are Nationwide and Securian Financial.

24 months (2 years) after quitting smoking

24 months (2 years) after quitting smoking (since you last smoked a cigarette) there are several life insurance companies that offer the Preferred rating class. These companies include: Banner Life, Protective Life, Lincoln Financial, Principal and Transamerica.

24 months (2 years) after quitting smoking (since you last smoked a cigarette) there are several life insurance companies that offer the Preferred rating class. These companies include: Banner Life, Protective Life, Lincoln Financial, Principal and Transamerica.

36 months (3 years) after quitting smoking

Preferred Plus non-tobacco (the best health class) life insurance rates are now available if you quit smoking for 36 months (3 year)

36 months (3 years) after quitting smoking (since you last smoked a cigarette) Banner Life and Lincoln Financial will offer the top rate class, Preferred Plus, same rate class as if you never smoked.

48 months (4 years) after quitting smoking (since you last smoked a cigarette) same underwriting as 36 months.

60 months (5 years) after quitting smoking

After 5 years of quitting smoking, most life insurance companies will offer the Preferred Plus rate class. This is the same rate you would be receive if you never smoked.

60 months (5 years) after quitting smoking (since you last smoked a cigarette) most life insurance companies will offer the Preferred Plus rate class. This is the same rate you would be receive if you never smoked.

*The Preferred and Preferred Plus rates are available if you would otherwise qualify with build, health, etc.


Be honest

It’s important to be truthful when it comes to disclosing when you quit smoking, the last time you had a cigarette or nicotine products. Life insurance policies have a two-year contestatinblty clause, meaning if you weren’t truthful on your application the insurance company can deny a claim in the first two years of the policy. It’s not worth putting your family at risk to save a few dollars.


Temporary coverage option

If you recently quit smoking a month or even a few months ago, you can always, many will apply for a 10-year term policy with a tobacco rate (smoker-rate) then reapply for the non-tobacco rate in twelve months after they last smoked a cigarette. Those who use this strategy take advantage of both worlds. They have coverage now to protect their beneficiaries, then they reapply once they are twelve months tobacco free for the non-tobacco rates.


Reapply

At this time you can apply for the longer term such as 20 or 30 years since you will now have non-smoker rates. Since you can cancel a policy anytime without a penalty many will just go month-to-month until they hit the 1 year mark. This a popular strategy for many applicants that just very recently quit smoking but still do want to protect their family now so they are not without insurance protection.


Strategy

By using this strategy, you have life insurance now and are protecting your family at the best price! You pay a higher premium until you hit the one year mark when you last smoked, then you reapply for the non-smoker rates. Some also do the longer term now (15, 20, 30 years) to ‘hedge your bet’ in case their health changes during that time they are waiting to be 12 months tobacco free before they reapply for the non-tobacco rates.


Let’s take a look at the best life insurance companies and their rates after quitting smoking

best life insurance companies and their rates after quitting smoking

One year quit smoking (12 months) life insurance policy cost

Below are the available rates for someone who quit smoking 1 year ago (hasn’t smoked a cigarette in 12 months or used nicotine). Example rates are for a 50-year old male, D.O.B. 4/1/1971, excellent health for a $500k 20-year term policy.

Life Insurance CompanyPremiumsRating
Nationwide$91.88 monthA+
Securian Financial$95.34 monthA+
Banner Life$118.74 month A+
AIG $119.44 month A
Principal $120.44 month A+
Cincinnati Life$121.44 month A+
State Farm $126.14 month A++
Pacific Life$131.87 month A+
Protective Life $131.87 month A+
Lincoln Financial $133.42 month A+
Mutual of Omaha $139.97 month A+
SBLI $144.28 month A
ANICO $144.72 month A
North American Life $144.76 monthA+
Prudential $151.38 month A+
New York Life$163.90 monthA++
Transamerica $304.01 monthA
One year quit smoking (12 months) life insurance rates


Two years quit smoking (24 months) life insurance policy cost

Below are the rates for someone who quit smoking 2 years ago (hasn’t smoked a cigarette in 24 months, no tobacco or nicotine use except the occasional cigar). Example rates for a 50-year old male, excellent health for a $500k 20-year term policy.

Life Insurance Company Premiums Rating
Banner Life$83.77 monthA+
Protective Life$83.77 month A+
Lincoln Financial$86.13 monthA+
Principal$86.13 monthA+
Transamerica$88.58 monthA
Nationwide$91.88 monthA+
Securian Financial $95.34 monthA+
Mutual of Omaha$109.87 monthA+
Pacific Life$118.74 monthA+
AIG$119.44 monthA
Cincinnati Life $121.44 monthA+
ANICO$122.69 monthA
SBLI$122.70 monthA
State Farm$126.14 monthA++
Symetra$126.94 monthA+
North American Life$144.76 monthA+
Prudential$151.38 monthA+
Two years quit smoking (24 months) life insurance rates


Three years quit smoking (36 months) life insurance policy cost

Below are the rates for someone who quit smoking 3 years ago (hasn’t smoked a cigarette in 36 months, an occasional cigar is allowed) ). 50-year old male, excellent health for a $500k 20-year term policy.

Life Insurance Company Premiums Rating
Banner Life $71.42 monthA+
Lincoln Financial$72.27 monthA+
Protective Life$83.77 monthA+
Pacific Life$85.12 monthA+
Principal$86.13 monthA+
Securian Financial$87.12 monthA+
Transamerica$88.58 monthA
AIG$88.74 monthA
Symetra$90.35 monthA+
State Farm$90.94 monthA++
North American Life$91.52 monthA+
Nationwide$91.88 monthA+
Mutual of Omaha $92.67 monthA+
Cincinnati Life $93.72 monthA+
ANICO$93.74 monthA
SBLI$100.00 monthA
Prudential$113.00 monthA+
Three years quit smoking (36 months) life insurance rates

Four years quit smoking (48 months) life insurance policy cost

Below are the rates for someone who quit smoking 4 years ago (hasn’t smoked a cigarette in 48 months, an occasional cigar is ok). Example rates for a 50-year old male, excellent health for a $500k 20-year term policy.

Life Insurance Company Premiums Rating
Banner Life $71.42 monthA+
Lincoln Financial$72.27 monthA+
Protective Life$83.77 monthA+
Pacific Life$85.12 monthA+
Principal$86.13 monthA+
Securian Financial$87.12 monthA+
Transamerica$88.58 monthA
AIG$88.74 monthA
Symetra$90.35 monthA+
State Farm$90.94 monthA++
North American Life$91.52 monthA+
Nationwide$91.88 monthA+
Mutual of Omaha$92.67 monthA+
Cincinnati Life $93.72 monthA+
ANICO$93.74 monthA
SBLI$100.00 monthA
Prudential$113.00 monthA+
Four years quit smoking (48 months) life insurance rates

Five years quit smoking (60 months) life insurance policy cost

Below are the rates for someone who quit smoking 5 years ago (hasn’t smoked a cigarette in 60 months, an occasional cigar is allowed). Example rates for a 50-year old male, excellent health for a $500k 20-year term policy.

Life Insurance Company Premiums Rating
Banner Life $71.42 monthA+
Protective Life$71.42 monthA+
Pacific Life$71.43 monthA+
Lincoln Financial$72.27 monthA+
Principal$72.30 monthA+
AIG$73.10 monthA
Transamerica$73.53 monthA
Cincinnati Life $74.36 monthA+
Symetra$75.57 monthA+
North American Life$76.56 monthA+
Nationwide$77.44 monthA+
ANICO$77.76 monthA
SBLI$83.33 monthA
Securian Financial $87.12 monthA+
State Farm $90.94 month A++
Mutual of Omaha$92.67 monthA+
Prudential $92.75 monthA+
New York Life$106.26 monthA++
Five years quit smoking (60 months) life insurance rates


Bottom Line

Great news! If you quit smoking cigarettes for just over 1 year (12) months than you may now qualify for a Preferred (non-tobacco) health class on your life insurance policy. (As long as you would otherwise qualify for the Preferred health class- build, health, etc.)

Currently, there are two life insurance companies, Nationwide and Securian Financial that offer a Preferred non-smoker health class rate just 12 months after quitting cigarettes and nicotine products. This is groundbreaking in life insurance underwriting!

Nationwide and Securian life insurance companies are both A+ ‘Superior’ rated (Superior is the highest category) by A.M. Best. Securian has been in business since 1886 and Nationwide since 1926, respectively.

As seen in the pricing charts above, not only can this significantly lower your monthly premium, but it can potentially save you thousands if not tens of thousands of dollars over the course of your policy!

In addition, the much lower price allows you to get more life insurance protection for you family or a longer term for the same price you would be paying with another life insurance company for the same exact policy.

We also discussed how the other life insurance companies underwrite applicants that quit smoking.

We noted that after two years or 24 months of not smoking, Banner Life, Protective Life and Lincoln Financial offer Preferred (non-tobacco) rates (second best health class) which saves you a lot of money as we showed in the sample rates above.

After 3 years or 36 months of not smoking, Banner Life and Lincoln Financial offer the best health class- Preferred Plus (non-tobacco) rates which saves you a ton of money as well.

After 5 years or 60 months, the majority of life insurance do not penalize you for cigarette smoking in the past. This is the industry standard. That’s why it’s so important to choose the right company that underwrites former smokers the most favorably.

PolicyMutual.com 
We know the underwriting guidelines. We work with the top companies. We will get you the best rate!

We know the underwriting guidelines. We work with the top companies. We will get you the best rate!

  • Let us do the shopping for you. We can quote you the rates for Nationwide and Securian, if you quit smoking just12 months ago to see if you qualify for the Preferred nonsmoker rates.
  • Our process is that we will ask you a few quick questions then immediately shop the nation’s top companies such as: Nationwide, Securian, Lincoln Financial, Banner Life, Pacific Life, AIG, Prudential, Protective Life, Transamerica, SBLI, North American Life and more to see which company will offer you the best rate in country!
  • Best part is that there is no charge for our services. We are compensated by the insurance company for bringing them the business.
  • We are completely independent and not tied to any one insurance company. Our only job is to find and get you approved at the best rate in the country from one of the top carriers.

Give us a call: (888) 676-5429, send us an email: info@policymutual.com or you can send a request using our contact form and will shop the market and provide you with the best quotes for term and permanent insurance if you recently quit smoking.

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