How do life insurance companies review smokers?
The premium for term life insurance for smokers is more than those who do not smoke. Moreover, an insurer will consider you a smoker, regardless of whether you are a chain smoker or if you smoke occasionally or socially. In fact, if you have smoked cigarettes in the last one year before buying a policy, the insurance company will view you as a smoker. In addition to smoking cigarettes, cigars, e cigarettes and consuming any other tobacco substances, such as biddis, pan masala, gutka, ,chewing tobacco or using a nicotine patch, are also considered by the insurance provider while calculating your premium.
Can you get a term insurance plan if you smoke?
Yes, you can get a term insurance plan if you smoke. However, the premium for term life insurance for smokers can be anywhere between 30% and 40% higher as compared to someone who does not smoke. All insurance providers will ask you about your lifestyle habits at the time of purchase. While most people tend to hide this information in the hope of a lower premium, it may be advisable to inform the insurer of your habit. If you were to suffer from a health condition caused by smoking resulting in death, the insurance company could reject your nominee’s claim on the grounds of incomplete information. This can lead to a lot of confusion for your grieving family. They may also be left with no savings or financial back up to look after themselves in your absence.
How to buy the best term plan for smokers?
If you are a smoker and looking for a term insurance policy, you must check various plans online and compare the premium rates of each plan. Depending on your other habits and needs, the premium and sum assured may differ for each insurer. Pick the one that suits you the best and offers the most suitable features. As stated above, it never helps to lie about your lifestyle habits. Moreover, since most insurance companies conduct a medical test before selling you a term plan, they are bound to find out if you are healthy or not.
Getting a term plan early in your life can also be helpful. The premium for a term insurance policy is a lot lower when you are in your 20s as compared to when you are older. This can be a good way to get a cost-effective plan.
To sum it up
To ensure your family’s well-being, it is advised to not only buy a term insurance plan to safeguard their future financially but also to take care of yourself. It is a well-known fact that smoking is bad for health. Therefore, quitting the habit can be a suitable way forward. But, if you smoke, it is in your interest to not hide this information from your insurer.
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The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
PNB MetLife Mera Term Plan Plus is an Individual Non-Linked, Non-Participating, Pure risk premium Life Insurance Plan | Product UIN Number – 117N126V01 ^Maximum maturity age 99 years for all options (except Joint Life cover option/Life Plus Health Option). Life Plus Health Option/Joint Life Cover Option: 75 years (applicable for both Primary and Secondary life).
PNB MetLife India Insurance Company Limited
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