How Smoking Can Affect Your Insurance Policy
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How Smoking Can Affect Your Insurance Policy
Wherever we go either for movie, railways, airport we find it’s written Smoking is injurious to health, even it’s written on the pack of cigarette. According to survey the consumption of Tobacco in India is increasing at a high rate, today 57% of male and 10.8% females consume tobacco in India.
Nowadays cigarette smoking has become a fashion statement in youths, they consume it just to show off among their friends, or some are influenced by favourited film stars, But its team to understand the impact of smoking on their health. The medical expenses of smokers are definitely more than smokers, and they even pay more premiums.
Here are five ways listed to show how smoking can affect your Insurance Policy.
How Smoking Affects Your Insurance:
It is always mandatory to inform the insurer if you have any addiction of drinking or smoking since these addictions come with a risk factor.
Term insurance is an Insurance policy that gives coverage at a fixed rate for the fixed period of time. The benefit will be given to the nominees if the person dies.
There are 3 types of smokers:
• Typical Smoker : A smoker who has very little health risk.
• Preferred Smoker : Preferred smoker comes under the category of fit smoker.
• Tabel Rated Smoker: A smoker who has noteworthy physical condition.
Your premium will decrease if you fall under the "Preferred" and non tobacco category. Therefore, the person will have to pay higher premiums because of health risk factors that come due to smoking habits.
Impact of Smoking on Term Insurance Policy:
If you have planned to buy an Insurance policy then you must tell about the complete health information about yourself. The information also includes the usage of products like cigars, drugs, cigarettes or alcohols.
The premium will depend upon your health habits, and the company will also take a report of the physical medical examination conducted.
What if you Quit smoking:
Depending upon your smoking habits your premium can be reduced. So if you are trying to quit your smoking habits your policy will be revised with lower premium rates. This will also depend upon the time when the smokers touched the cigarette.
Reasonable Term Insurance For Smokers:
For smokers, there are various policies made. You need to have the knowledge of the policies and have to take quotes from insurance companies that are uniquely for those who use smokeless tobacco or an occasional cigar but not cigarettes. you have various Term Policies for your various needs.
Tell the Truth:
It is always the best option to tell your insurance company about your smoking habits. If you don’t tell them in greed of paying less premium the policy will terminate, and you will be incurring the loss.
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