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Features
Ref. No. KLI/22-23/E-BB/492
Smokers are eligible for availing of the benefits of term insurance. They must provide accurate information about their smoking habits during the application process.
Term life insurance for smokers works similarly to term insurance for non-smokers, but premiums are typically higher due to the increased health risks associated with smoking. When applying for term life insurance as a smoker, you will need to disclose your smoking habits on the insurance application. This includes information about the frequency and type of tobacco products you use, such as cigarettes, cigars, pipes, or smokeless tobacco.
Smokers are eligible for term insurance. While purchasing affordable life insurance for smokers, the insurance company will ask the policyholder a few questions:
The insurance company will also conduct various examinations to determine the policyholder’s health factors and smoking habits. If the policyholder is found to present incorrect information or lies, they may be subjected to below charges:
In order to provide benefits specific to smokers, it is essential to identify them. Insurance companies may use various methods to identify smokers when individuals apply for insurance policies. Some common methods include:
Most insurance applications include questions about smoking habits. Applicants are typically asked whether they smoke cigarettes or use other tobacco products. Providing false information on the application can result in consequences if discovered later.
Many insurance policies, especially those for larger coverage amounts, require applicants to undergo a medical examination. During the exam, a healthcare professional may ask about smoking habits and may also perform tests to detect nicotine or its metabolites in the applicant’s blood, urine, or saliva.
Some insurance companies may specifically conduct nicotine tests as part of the underwriting process. These tests can detect the presence of nicotine or its metabolites in bodily fluids and indicate recent tobacco use.
Insurance companies may request access to an applicant’s medical records, which may contain information about smoking habits documented by healthcare providers during previous visits or treatments.
Certain medications, such as those used for smoking cessation, may be indicated in an individual’s prescription history, providing clues about smoking habits.
The smoking behaviors among insurers vary, leading some insurance providers to classify smokers into distinct categories. Insurance companies categorize individuals into four types:
The classification of smokers helps insurance companies calculate the premium amount for a term plan. A low premium is awarded to people who do not smoke and maintain good health. This classification of smokers may differ as per different insurance companies.
Typically, insurance companies will charge the highest premium for a table-rated smoker, then the second-highest to a typical smoker, and relatively low for a preferred smoker. In some cases, some insurance companies might deny a term plan to a table-rated smoker if he/she is in a critical condition.
Smokers usually have a lower life expectancy rate than non-smokers. Hence, while providing insurance for smokers, the premium charges for an insurance policy might be higher as compared to premium charges for an individual who does not smoke. The insurance company will charge a lower premium for a policyholder who does not smoke and is healthy.
Finding a perfect term plan can be challenging, with so many considerations to follow. If you are trying to find genuine term insurance as a smoker, you can consider taking the following steps:
While smokers are eligible for term insurance, they must provide accurate information about their smoking habits during the application process. Insurance companies employ various methods to identify smokers, and individuals may be classified into different categories based on their health and smoking status, impacting premium rates accordingly.
Smokers must explore their options carefully and choose a term insurance plan that offers adequate coverage at a reasonable cost. By taking proactive steps and seeking guidance from reputable insurers, smokers can protect their families from financial hardships in the future.
1
Smokers generally have a lower life expectancy and face increased health risks. Therefore, insurers charge higher premiums to compensate for these higher risks.
2
Smokers should compare policies from reputable insurers, consider factors such as coverage amount and premium rates, and explore online offers. Seeking guidance from knowledgeable professionals can also help in choosing the right plan.
3
Some insurance policies offer the option for smokers to reclassify as non-smokers and receive lower premiums if they quit smoking for a certain period and can demonstrate that they are no longer using tobacco products.
Features
Ref. No. KLI/22-23/E-BB/2435