Quit Smoking? You Could Be Paying Too Much for Life Insurance

If you've successfully kicked the smoking habit, first of all—congratulations! That’s no small feat. And while the health benefits are clear, there's also a less obvious financial bonus many people miss: your life insurance premiums could drop significantly.

Here’s how it works:

When you originally applied for life insurance, you were asked whether you were a smoker. If you answered “yes,” your policy was priced accordingly—typically at a much higher rate than for non-smokers.

But once you’ve been smoke-free for 12 months, you’re generally eligible to have your insurance reclassified. That means the insurer may now consider you a non-smoker, which can result in lower premiums.

How much can you save?

Savings vary depending on your age, cover amount, and policy type—but in many cases, non-smoker premiums are 30–50% lower than smoker rates. Over time, that adds up to thousands of dollars.

What to do next:

If it’s been a full year since you quit smoking:

  • Contact your life and health insurance adviser. They can guide you through updating your smoker status with your insurer.

  • If you don’t have an adviser, our in-house adviser can help review your cover and request the reclassification.

You’ve done the hard work—don’t miss out on the financial rewards that come with it.


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