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Are you looking to buy term insurance policy for Smokers? Check age limit, term length, sum assured, eligibility & maturity of plan. Read to know more.
Smoking cigarettes is not only bad for health, but it can also burn a hole in the pocket when it comes to buying a term life insurance for smokers. As smoking cigarettes leads to several health issues and untimely death, it causes financial implications for the family. However, you can safeguard your family by purchasing a term life insurance plan which protects them from any unfortunate event in the future.
Are Smokers Eligible for Term Insurance?
Smokers are eligible for term insurance. While purchasing an insurance plan, the insurance company will request the policyholder a few questions like:
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, he may be subjected to below charges:
How Do Insurance Companies Identify Smokers?
Insurance companies categorise 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.
What are the Premium Charges for Different Smokers for a Term Plan?
Typically, insurance companies will charge the highest premium for a table-rated smoker, then second-highest to a typical smoker and relatively low for a preferred smoker. In some cases, some insurance companies deny a term plan to a table-rated smoker if he/she is in a critical condition.
Why Do Insurers Charge High Premium from Smokers than Non-Smokers?
Smokers usually have a low 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.
How to Find the Right Term Insurance for Smokers?
You can consider taking the following steps while finding the right term insurance plan for smokers: