Invest Your Cigarette Money On Life Insurance This Great American Smoke-Out
By IleanaBravo on November 18, 2011
Our country is celebrating the 36th annual Great American Smokeout today, Nov. 17, so it might be a perfect day for you to kick the habit and put that cigarette money into your family's future instead. Doing it for the sake of your health is a good enough reason but if you need another incentive let's figure out how much of your money is going up in smoke because of this nasty habit.
We've all seen those dramatic television commercials with disturbing images of people on oxygen tanks and the clogged arteries of smokers. Yes, the grotesque images are unpleasant... especially at the dinner hour... but they're meant to get our attention, and to show us the harsh realities of how damaging cigarettes are to our health.
Kicking the Habit is a Matter of Dollars and Cents
But what if we separated the emotion of health and smoking and made it a practical argument--- one about dollars and cents? Let's break it down. Depending on the state in which you live, a pack of cigarettes can run you anywhere from nearly $4 to more than $9. If you smoke a pack a day that could run as high as $270 a month. Once you add all the state and local taxes, the price tag goes even higher and tobacco taxes are still expected to increase.
Do the math on the cost of cigarettes in a state like New York, for instance, where the retail prices for a pack of cigarettes are the highest, and the annual investment for smokers adds up to more than $3,000 a year! That's a lot of money that could be going into a savings account or to buy a big chunk of life insurance coverage for your family.
Invest the Money in Your Family's Future
So, even if you're not thinking about the health benefits of quitting smoking, think about the economic benefits. We looked into how much life insurancethat $3,000 will buy you in the state of New York for a term life policy, the most affordable type of life insurance.
You will be surprised to learn that a 40-year old non-smoker man in very good health could buy as much as $2 million a year for 20-years of coverage for half that amount of money. Of course, it all depends on how healthy you are and what your family health history is but even if you qualified at the higher risk categories of Standard, you could afford to buy a big policy.
Speaking of higher risk groups, smokers will pay higher rates for that same life insurance policy, about 30% more for coverage. Underwriters at the major life insurance carriers consider it a matter of life expectancy. According to actuarial tables used by insurance companies, such as Genworth Financial, Banner Life, Prudential, or ING, a smoker in his 30's is expected to live a shorter life... up to six years less than that same young non-smoker.
Making a Difference to Create a Future of Non-Smokers
The Foundation for a Smoke-Free America, founded by Patrick Reynolds, a grandson of the tobacco company founder, R.J. Reynolds, whose family's brands, Camel and Winston, killed his father and eldest brother, wants to change the family legacy.
Reynolds actively pushes a strong anti-smoking message throughout America. Speaking at universities, hospitals and schools nationwide, this tobacco-free advocate is making a difference... striving to reform smokers and to stop young people from becoming tomorrow's statistics.
Whether it's a matter of life or death... or simply an economic decision, take a moment today on this Great American Smoke-Out and consider the consequences that little pack of cigarettes is having on your future. If you don't do it for yourself, do it for those who love you.
LifeQuote Holdings, Inc., is a pioneer in online life insurance brokerage. The firm was one of the first to offer consumers free life insurance quotes via telephone in the 1980’s, prior to developing the Internet business model. The executive team is made up of life insurance and retirement plan veterans, as well as media/marketing specialists, and experts in web design, development and search engine optimization. The company CEO is a respected leader in his field and coveted public speaker at national industry meetings. To find out more, please visit www.lifequote.com.
The author of this LifeQuote Blog post is not a licensed life insurance agent or broker.