“Life is too precious to blow up in a smoke”
Tobacco consumption in any form is quite high in India. The World Health Organization (WHO) recently stated in a report that there are 120million smokers in India. This makes up 12% of the world’s total smoking population. Furthermore, the report even stated that over a million people face death due to the consumption of tobacco in India.
Still, after knowing this, people smoke. They know that they are shortening their lives, yet it has become a common activity for smokers. Well, surely the tobacco industry is growing but so is the myth that smokers can avail the benefit of term insurance cover!
According to a new survey conducted, nearly one-third of the respondents said that they didn’t go for an online term insurance policy as they believed that their application will get rejected. But little do they know that life insurance companies do offer coverage to smokers. Though, the terms and conditions are different compared to non-smokers.
Statistically, the probability of a smoker passing away is higher than that of non-smokers. Thus, these statistics increase the opportunity for smokers to avail the term insurance plan. Now, when we talk about smoking, it’s not that every individual smokes the same amount as the other. There might be variations for the same. Well, bearing this in mind, term insurance companies have set up a categorization of smokers.
Due to the high mortality rate amongst smokers, the premium amount is high. Term Insurance companies evaluate the premium of smokers by inquiring about the frequency of tobacco usage currently and in previous months. Secondly, they ask you about the tobacco-based products that you have consumed like cigarettes, cigars, chewing tobacco, etc.
After the frequency and product, the insurer decides whether you are a seasoned or an occasional smoker. Once the consideration of other underwriting rules is done then the insurer decides to either highly increase or slightly increase your premium, as per your categorization.
Often insurers conduct a medical test before issuing a term insurance policy. It is always better to inform the insurer prior to the issuance of the policy as at the time of the medical test you won't be able to cover up the traces of nicotine.
Smoking is definitely harmful and is prone to multiple illnesses, but when faced with those illnesses at least you’ll be financially prepared. You’ll have the best affordable health insurance to help you in this scenario.
The only main deal with term insurance, especially when you are a smoker, is to be extremely honest with all the facts that you give while signing up!
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