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The insurance industry is skeptical about quitters
Q: My husband and I have a 10-year term life insurance policy for $300,000 that expires this year. He quit smoking a week ago, and we’d like to renew using the lower rate for non-smokers, but they say he has to have quit for at least a year before we would qualify. Are there other options for us?—Mariska Walta
A: Quitting smoking is a big money saver for many reasons, including cheaper life insurance. A new term life policy for a smoker would cost your husband about $130 per month, compared to just $40 if he had been a non-smoker for at least one year, says Jason Conley, a benefits consultant at Rogers BenefitLink.
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