Can Smokers Buy Term Life Insurance Policies?

When picking out a term insurance policy, several aspects need to be considered. Your age, income, your health status , your family members’ needs, etc. contribute towards deciding the optimal premium for your plan. Apart from these, your lifestyle choices like drinking and smoking also play a crucial role in your policy. Term insurance for smokers is calculated differently as smoking induces a risk in your life. If you are looking to purchase a term plan for yourself and you smoke, there can be some effects on the life insurance premium. Read on to know more.

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 term insurance 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 types of insurance 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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