The US Food and Drug Administration recently was granted new authority to regulate tobacco-related risks. While the morbidity and mortality benefits of smoking cessation are well established, the value of possible life extensions is not. Estimates of the value of a statistical life are of limited relevance to valuing such quality-adjusted longevity gains. OBJECTIVES: To estimate older smokers’ willingness to pay (WTP) for quality-adjusted longevity gains. METHODS: Smokers aged 50-64 completed a computerized conjoint-analysis (discrete-choice experiment) survey instrument. Hypothetical longevity profiles described restrictions on activities of daily living (ADL) for longevity increases between 1 and 4 years. The choice task used to explain to respondents how risk reductions could be realized without smoking cessation was through the purchase of hypothetical cigarette filters that had no effect on smoking benefits. The joint determination of the type and quantity of filters was modeled jointly to estimate choice of filter type and demand. WTP for life extensions under specified ADL restrictions then were derived from model parameters. RESULTS: A total of 248 subjects completed the survey. ADL restrictions are a stronger determinant of WTP than years of longevity increases. Valuations of life extensions are positive only for high ADL levels. The present-value WTP for a one-year life extension with the ADL level described as “You are able to drive and you are able to walk a few blocks” is $126,000 (3% discount rate). For the ADL level “Unable to leave your bed”, the corresponding WTP is minus $204,000. CONCLUSIONS: Our results shed new light on the perceived value to middle-aged subjects of longevity increases under specified ADL restrictions. The WTP estimates suggest that the net benefits of interventions with modest increases in longevity are likely to be positive only if the interventions also yield high quality of life.