Here is how a smoker can buy a term insurance policy
Smoking and life insurance policies somehow do not go hand in hand, due to the fact that premiums of the term insurance policy or any other life insurance policy are directly proportional to health conditions and lifestyle habits such as smoking which leads to various health problems related to heart, lungs and other organs.
There are several factors that determine the premiums of life insurance plans and health condition, lifestyle habits that include smoking plays a crucial role. The insurer determines the premiums to be paid based on the risk factor associated with your health. So, in case you have a health problem or any lifestyle habit leading to some health condition, then your premium is comparatively on the higher side. And thus, the premiums that a person with a smoking habit pays will be higher than a non-smoker. This means that smoking does impact not only your health but also the premiums of your life insurance policy and thus you end up paying more premium amount.
According to several life insurance providers, the premium amount of your life cover is influenced more by smoking propensities than your job profile. The term insurance premium for individuals with low-risk profiles such as marketing professionals, IT professionals, computer engineers and bankers are considerably lower than those who are involved with high-risk jobs such as constructions workers and others. Life insurance companies separate consumer in two different categories – smokers and non-smokers. So, a smoker with a low-risk job profile will have to pay more premium as compared to a non-smoker involved in a high-risk job.
An apparent reason behind why smoking has a lot more noteworthy effect on the life insurance premium than a high-risk profile work is the demonstrated impeding impact of smoking on the health of the individuals. Smoking has been the essential explanation behind plenty of dangerous illnesses, for example, strokes, heart diseases, lung cancer and tuberculosis for a long time. Individuals who smoke, on a normal, pay 50 percent more premium for their term life insurance policy coverage in contrast with non-smokers.
How are premiums calculated for smokers?
To assess the life coverage premium of smokers, the insurance providers ask about the recurrence of your tobacco utilization over the most recent one month. This incorporates the utilization of any tobacco-based items, including cigarettes, cigars or chewing tobacco. Based on the information provided, the insurance provider determines whether the policy applicant us regular or occasional smoker. After considering other under composing rules, the insurer decides to stack (increase in premium) the term life insurance premium.
If you are a smoker and wish to buy term insurance policy, you should properly uncover everything to your insurer without the fear of paying a higher premium amount. Insurance companies often ask policy applicants to undertake medical tests prior to issuing the policy. While it could be conceivable to lie verbally to the insurance provider; however, it is impossible to hide the hints of nicotine in the medical test regardless of whether you are an occasional smoker.
According to a recent World Health Organization (WHO) report, there are around 120 million smokers in India – that is 12 percent of the world’s smoking populace. The report additionally expressed that every year, more than a million individuals die on in India because of tobacco consumption. As per the Indian Heart Association (IHA), because of such a high populace of tobacco consumers in India, the nation represents 83 percent of the world’s heart illness trouble.
The bottom line of the story is everyone knows that smoking is neither a good habit nor good for health, but still it has become a significant part of numerous individuals’ lives. Furthermore, one of the most advantageous and genuine approaches to monetarily secure the fate of your family in your absence is by buying term life insurance policy. However, it has been seen that usually, smokers abstain from purchase term insurance policy due to high premiums as the prime reason for denial. But they should consider the amount of health risk associated with smoking which might put their loved ones in a distress situation. Therefore, they should opt to buy term insurance policy for the better future of their family.
To know more about the benefits and guidelines of term insurance, you may visit BimaKaro and speak to their insurance advisors.