Smoking is hazardous for health. While you might forego the warning, insurance providers do not. Smoking affects the quality of life and can also result in untimely death. This means that for an insurance provider, offering life insurance coverage to someone who smokes comes with added insurance risk.

If you smoke and are looking for a life insurance policy, some fundamental questions regarding the same are answered below-

Who is Considered a Smoker by an Insurance Provider?

Anyone who has smoked tobacco products in the last one year is considered a smoker. Note that this is not just limited to cigarettes but all the other nicotine-based products, including cigars, and consumption of gutka and nicotine patch.

Also, the frequency of smoking is not considered by insurers. You will be viewed as a smoker irrespective of whether you are a chain smoker or smoke socially.

How Does Smoking Affect Life Insurance Premiums?

As compared to a non-smoker, the life insurance premiums of someone who smokes can be 30%-40% higher.

As smokers can suffer from many different types of serious illnesses such as cancer, heart problems, and bronchitis which could also result in death, insurers make up for this high insurance risk by charging a higher premium.

Can I Not Hide Smoking from Insurance Providers?

Yes, you can hide your habit of smoking from your insurance provider. However, if at all the insurance providers gets to know about your habit after you have purchased the life insurance, you can be charged with fraud and your policy can be nullified.

Moreover, it is also possible that your family will not receive the death benefits in case if you die of any illness which arose due to your habit of smoking. So, it is not worth the risk. .

Will the Premiums Be Reduced If I Stop Smoking After Purchasing the Policy?

Yes, there is a possibility that the life insurance premiums could be reduced if you stop smoking even after purchasing life insurance. However, insurance providers generally have their own rules with regards to such cases.

Most of them will only consider you a non-smoker if you have stopped smoking for at least 1-2 years. You can talk to your insurance provider about the same while purchasing the policy.

Smoking and Life Insurance

Smokers can purchase a life insurance policy as easily as a non-smoker. However, make sure that you disclose this habit at the time of purchase or the repercussions can be severe.

Learn more about different Online Term Insurance Plans here.

DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.



Trending Articles

Latest Articles

life-insurance
life-insurance

Buying a Life Insurance Policy with a Pre-existing Condition? What You Need to Know

Read More
Posted on 08 February 2020
life-insurance
life-insurance

Top Reasons For Single Parents To Purchase Life Insurance

Read More
Posted on 06 February 2020
life-insurance
life-insurance

Lost Original Life Insurance Policy Documents? Here’s What you can do

Read More
Posted on 06 February 2020