How Smoking Affected The Cost Of Our Life Insurance Premium

Life Insurance

We all know the health risks of smoking followed by the dent it can put in the budget just to buy cigarettes. Did you also know that it costs smokers more money when they apply for life insurance, like it did for us? Who knew there would be such a significant cost difference for life insurance for a smoker and non smoker as you will later find out. It’s been over a year now that we butted out (January 29, 2102) and are both still smoke-free today. We will always give thanks to all the support along the way from not only each other but external motivation such as family, friends, our family doctor, the pharmacy team and of course The Smokers Helpline.

The Smoking Memory

As time went on smoking became less of a habit for us and more of a memory and now we don’t even think about it. We won’t lie and say that if someone sparks up a smoke that the smell is captivating because it still is. We smoked for quite a long time and every smoker knows that the first inhale is the best of a newly lit cigarette. When I’m at work it no longer bothers me when I’m yapping outside with colleagues and they are having a cigarette. In fact the more I continue to smell it the happier I am that I no longer have this habit. There have been many times over the course of the winter that we both have been thankful to not have to stand out in the cold just to get our fix. Addicting, you bet it was, but breaking the habit was the easy part the hard part is sticking to it.

Benefits of Quitting Smoking

The health benefit was our top priority followed by the monetary gains we would have simply by not having to fork out almost two hundred dollars every month. Over the course of the year that added up to more than a couple of thousand dollars that we willfully just blew away. One motivation to keep living the smoke-free lifestyle is when we see friends who smoke and their constant “need” to have one. We can see how the addiction can take over someone’s life like it did ours. We don’t talk about quitting smoking to those that smoke unless they bring it up. Honestly, when we smoked we knew what we were doing, we’re not idiots and neither are those that are addicted to smoking. I’m sure there are many smokers online who are going to read this blog post and wish that they too could give up smoking today. They can, but they need to have a will to succeed and a desire to live. That’s what came over us, not someone telling us we had to quit. I don’t think we initially set out to become a smoker (I mean, who does?) but now know it was a mistake that did cost us in many ways.

The Financial Advisor

When we initially quit we had our yearly review with our financial advisor whom we told about us quitting smoking and our desire to live a healthier lifestyle. He was just as happy as our doctor was about it and not only from the health benefits aspect. He told us that if we could stay smoke-free for one full year that we could be re-assessed and potentially listed as non-smokers. If accepted they would put us in a new class and a new life insurance policy drawn up. How exciting is that if we can potentially save more money? We both started with life insurance about 4 years ago with a 25 year term life policy just to cover our bases in case something should happen. As long as the house and funeral costs were paid we were happy enough with that. We didn’t need to have millions of dollars in life insurance plus we didn’t have any dependants at the time nor do we today.

This was another motivation and what we needed to continue through not smoking or wanting to pick one up and light it throwing all our hard work down the toilet. It only takes one cigarette to set us back and we knew that so we had to think ahead. It was always in the back of our minds about saving a bit of money in our budget because we are always looking for ways to improve. We had no idea how much we would save so we went on our merry way and waited for one year to pass.

One Year Smoke-Free

One year had passed and we booked our annual meeting with our financial advisor who had all the paper work ready for us to fill out for our new life insurance policy. I’ll admit we said a couple of times that we better get a good reduction in rate with all the paper work we had to fill out again. We were skeptical yet optimistic because we knew that we never cheated, not once. We didn’t have to have any type of testing done although if they required it we would have been more than happy to oblige. In fact we almost wanted them to check because we were so proud of our accomplishment.

Even though the paperwork was somewhat daunting (nothing is as bad after you fill out pages and pages of forms to become a Permanent Resident in Canada) it was so important to make sure that our medical history was accurate and up to date. There’s all those horror stories we hear about people who file a claim for life insurance only to find out something was missing or inaccurate. We didn’t want to be those people so we took the time to make sure everything was correct. They told us that the  underwriters would likely call our family doctor which was perfectly fine with us. We went on our way with the hopes of hearing back soon the results.

Life Insurance and Smoking- The Results!

We received a phone call last week from our financial advisor who wanted to congratulate us on being approved and we are now rated as non-smokers in our new policy. The best part is that the new monthly expense for our budget has gone down so we are no longer paying such high life insurance costs.

Here is the breakdown:

  • To Buy Smokes Approx $196 a month or $2352 a year
  • Smoker Life Insurance Policy: $135.05 for the both of us
  • Non-Smokers Life Insurance Policy: $70.43 for the both of us

Yearly as smokers we paid $1,620.60 to pay for our life insurance policy and the new yearly cost is just about half that amount at $845.16. Over the course of the next 21 years the policy will cost us $17,748.36 instead of what would have been $34,032.60 in premiums. What a huge difference and we were excited to make that change to our life insurance category in the budget. We will take the money that we are saving from our life insurance and put it in our savings account for now. We may just use it as our “rendezvous money” as one of my fans suggests to do with money we don’t spend each month in our grocery budget. That sounds like a plan and that way when we save enough money we can treat ourselves to a trip back to Europe to travel and see family.

Sometimes it’s the small things we don’t think about that add up in a big way for the budget. It truly was a lifestyle change for love, health and money for us. Although quitting smoking is not as simple as it sounds even if we made it seem that way, it’s not. I can only hope that those that do smoke make the decision to quit for their own personal reasons. They may also save money not only from not buying cigarettes but see the cost of their own life insurance policy go down.

Have you quit smoking and received a reduction in your life insurance premium?

What motivates you to stay smoke-free?

You can read our Quit Smoking Series Below

New Start, New Beginning, New Life, Change, Divorce, Seperation

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Kick the Smoking Habit Save your Health and your Budget- Update Week 3

Hey there fans!

It’s now Feb 19, 2012 and 21 days ago on Jan 29 @ 9pm Mrs. CBB and I made the decision to give up smoking. We had both been smoking for some time now and wanted to make a healthy change.

My Mileage
Smoke-Free Days: 21
Cigarettes Not Smoked: 210
Amount Saved: $67.20
Life Gained:
Days: 1 Hrs: 22 Mins: 9 Seconds: 45
Although we are not heavy smokers saving $120 a month will certainly come in handy in our budget. We’re  making changes to our budget as it is important to always tweak it if you need to update it like we need to.
  • Check in next week as I do our monthly budget  to see how well we chopped the budget in February.
Wake up and smell the roses…. boy did I ever!
It was a celebration for me in the shower the other morning when I went to apply body wash to my loofah. The overwhelming musty smell of the product rushed up my nose. It was not a scent I recall smelling so vibrant, yet manly.  It was at that moment I realized I am moving in the right direction. Smell is a gift so beautiful and we should all experience it in its glory.
Throughout the Days………..
As I mentioned last week we both go to a “Stop Smoking” meeting every Wednesday evening in our city. There are 8 of us in the class although 15 signed up, surprised- not really.
We both were tossing the idea around in our head that maybe this meeting isn’t for us. You see we signed up for the meeting a week before we quit so we are ahead of the game.
On our way to the meeting we decided we would let them know in person that we were backing out of the meeting for 2 reasons.
  1. We had already quit smoking and these meetings were geared towards ramping up a quit date for the smokers in the room
  2. We couldn’t handle the smell of smoke in the room as it was so pungent (I found it different then if one of my  mates at work was smoking across the way outside, not sure why)

Now, don’t get me wrong I’m not punishing smokers, we were for many years now. It’s just that the smell of smoke after quitting was so overwhelming for us. We don’t want any temptation to lead us down the forbidden path.

Everyone was happy and understood as we gave them our last cheer and away we went hand in hand. I can only pray those left in that room find the strength to make it through this.

Well peace to you all, come back again next week to see if I’m still standing or in the dog house. I will touch on the topic of couples quitting smoking. This could get interesting.

March 1, 2012 the  Driven To Quit Challenge begins in Ontario and you can bet “WE WILL BE READY TO RUMBLE!-

Now, off to refrigerator to see what I can fill my gobb with!

Cheers!

Mr.CBB

If you liked this post subscribe to my blog and catch up on past posts such as:

The Cost of Smoking on your Health and Budget

Kick the Smoking Habit Save your Health and Budget Week 1

Kick the Smoking Habit Save your Health and Budget Week 2

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Kick the Smoking Habit Save Your Health and Budget Week 1 Update

Hi Folks,

This is our Week 1 Health and Budget update since Quitting Smoking Sunday, January 29 at 9pm.  :)

As previously discussed we decided to take part in the Driven To Quit Challenge advertised on Global TV. It’s a great motivator to achieve our goal of quitting smoking and balancing the budget.

Last week we attended a meeting for participants who wanted to quit smoking. This is a 6 week program that we signed up for through our Family Doctor. Interesting to note that 15 people signed up and only 8 showed up.

Quitting seemed like a good idea at the time, easy to say but difficult to carry out.  The Registered Nurse spear heading the meetings says it happens every year.

Upon arrival the stench of cigarette smoke blanketed us we entered the room. It was at that moment we realized we made the right decision. That was the first time since quitting we had smelled cigarette smoke.

The  meeting was 1 hour and we introduced ourselves like it was an AA meeting. I am ( enter name here) and I’m addicted to smoking because ( I like it). The top 2 reasons for quitting were health and money.

Learning about why we smoke and steps we would take to set a quit date seemed like a daunting task.  We both had to admit that we quit one week earlier.

We were already ahead of the game in their eyes.  It was a solid week with a couple rough patches but we went for extra walks, chewed on straws and talked our way out of wanting a smoke.

Some of the withdrawal symptoms we experienced were;

  • Anxiety
  • Dry Mouth
  • Insomnia
  • Nausea
  • Hunger increased for male

We both chewed a grand total of 10 Nicorette gums which is amazing. My wife has had only 2 gums and no longer requires any more.  I on the other hand chew them at work but not at home.

At the end of week one we have;

  • Saved $30.00 in our Budget from not smoking :)
  • Our sense of smell and taste has returned
  • We feel in control of our life
  • We are breathing easier

See how we make out in week 2 by subscribing to the blog and receiving all our updates right to your email.

Happy Sunday Everyone! :)

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The Cost of Smoking on your Health and Budget

Quit Smoking to Save your life and your wallet.

There’s no surprise when hearing about deaths related to smoking or the various diseases caused by smoking but turn a blind eye.

Is it really worth it to smoke? I’m sure you know the answer to this question but most smoker’s either choose to ignore it or struggle to give up this habit.

Smoking is a harmful addiction, one that can cause your bank account to suffer and your loved one’s wishing there was something they could have done when you’re gone.

As I lay here tonight and write this post I am thinking about tomorrow morning and what life will be like for us.  While watching Global Television a commercial appeared called driven to quit which is a challenge to motivate smokers to quit for the month of March.

My wife is a huge Young and the Restless fan so everyday we were seeing this commercial Monday to Friday when something clicked. We both decided that it was time to stop letting cigarettes rule our lives as of January 30,2012.

We both signed up for the challenge with the support of friends and family.  Quitting smoking for the month of March was far from our goal as we want to quit for life.

We were given numerous samples of Nicorette  gum and patches by our pharmacy and Doctor which we’re thankful for.

What happens when you quit: We had no idea and we are glad we researched this information.

  • 20 minutes: Your blood pressure and pulse rate return to normal
  • 8 hours: Oxygen levels in your blood return to normal.
  • 24 hours: Carbon monoxide has been eliminated from your body. Your lungs start to clear out mucus and other smoking debris.
  • 48 hours: There is no nicotine left in your body. Your ability to taste and smell is greatly improved.
  • 72 hours: Breathing becomes easier. Your bronchial tubes begin to relax and your energy levels increase.
  • 2-12 weeks: Circulation improves throughout the body, making walking and running a whole lot easier.
  • 3-9 months: Coughs, wheezing and breathing problems get better as your lung function is increased by up to 10%.
  • 5 years: Heart attack falls to about half that of a smoker.
  • 10 years: Risk of lung cancer falls to half that of a smoker. Risk of heart attack falls to same as someone who has never smoked.
  
Some of the questions we asked ourselves were;
  • What triggers our smoking?
  • When will we quit or set a date?
  • Why do we smoke?
  • How will we deal with cravings?
  • How do we plan to quit?
  • Who will be our support system?
  • How do we deal with withdrawal symptoms?
Answering some of the above questions will help you find your way through some of the mountains you will feel you are climbing. I will post how we managed to conquer this battle in upcoming posts.
The $$$$$ and Benefits of Quitting for us:
Each month cigarettes cost us $120.00 so the savings will be wonderful. We figure  at today’s cost in 20 years we will have saved $28,880 and many years of our life.  In 1 year of becoming smoke-free our Life Insurance will also be reduced of course after testing to prove we have quit.
The best part about quitting will be your LIFE and LOVE!
If there are other’s reading my blog who are quitting smoking or in this challenge I would love to hear from you!
If you plan to quit I highly advise you to talk to your doctor and follow their direction.

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