This isn’t an exaggeration; smoking-related deaths and illnesses have claimed millions of smokers over the years. But smoking doesn’t just take its toll on your health; it takes a bite out of your wallet as well. If you smoke, and you’ve tried to quit (unsuccessfully) in the past, then you know how hard it is to remain smoke-free. So today we decided to give you a little push in the willpower department with four great reasons to kick your smoking habit to the curb once and for all.
1) Lower insurance rates: This is the most obvious benefit for quitting smoking. Who doesn’t want to reduce their life-insurance premium, right? And when you transition from a ‘healthy’ smoker to a healthy non-smoker, your monthly savings could be downright colossal! Did you know that a 20-year policy premium for a healthy non-smoking male, aged 45, on a $500,000 policy may only cost $53 per month? On the other hand, this same policy may run another man of the same age $214 per month if he’s a smoker. Over two decades, that adds up to an additional $38,640 drain on the smoker’s wallet!
2) No money spent on cigarettes: It goes without saying that quitting smoking means you’ll be saving money on the cost of cigarettes. According to the American Lung Association, the average retail cost for a pack of cigarettes is $5.51. If you smoke at least one pack per day, that’s over $2,011 a year spent on cigarettes. Now consider the 20-year policy premium from the last example. $2,000 (approx.) multiplied by 20 years is roughly around $40,000. Now if you add the cost of your premium and the cost of cigarettes over the same time period that totals to about $91,360, versus a non-smoker who would only pay $53/month for 20 years or a total of $12,720. That’s a savings of over $78,640 over two decades that you could put towards increasing your insurance coverage for you and your family.
3) Not just for everyday smokers: Our above examples mention cigarette smokers, but all smokers and users of tobacco are subject to higher rates, even if you are only an occasional user. But there are options. At IntelliQuote, we work with a highly recommended carrier that offers non-smoker rates to users of tobacco (not cigarettes) to encourage people to quit. If you’re an occasional cigar smoker, the good news is you don’t have to be nicotine-free for several years to get these rates; they only require you have refrained from smoking cigarettes. They may even allow you to use quitting aids like the patch and may permit for the occasional cigar during this period.
4) Put more money toward your family: Quitting cigarettes gives you an enormous savings that you can use to increase your insurance coverage. In addition to prolonging your physical life, now you can put more money towards long-term care, or set that money aside for your beneficiaries.
Cutting cigarettes out of your life is not just a way for you to live longer, but you can also make your family’s life easier when you ultimately pass on.
Make one of your first decisions in the new year to look into life insurance and receive up to six quotes free on our page today—of course, right after you firmly decide to stop smoking.