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Term Insurance for Smokers
Term insurance for smokers is specially meant for individuals with lifestyle habits. Smokers should invest in a term insurance plan to secure their family financially, given the higher scope for developing cardiovascular or respiratory issues. ...Read More
1 Crore Term Insurance@ Rs.21/day***
No Time for Regret!
Secure Your Family's Future with Term Insurance.
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Return of Premium (ROP) Option^
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Individual Death Claim Settlement Ratio of 99.50%##
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Same Day Claim Processing#
:1800-266-9777
What is Term Insurance for Smokers?
Table of Content
1. How does Term Insurance for Smokers Works?
2. Why should Smokers buy a Term Plan?
3. Types of Term Insurance for Smokers
4. What are the eligibility criteria for a term insurance plan for smokers?
5. Why Sum Assured is an Important Factor When it Comes to Term Insurance?
6. What Happens If You Don’t Tell Your Insurance Company About Your Smoking?
7. Conclusion
How does Term Insurance for Smokers Works?
The term insurance for smokers is the same as for non-smokers, with only differences in premium rates and the process of assessing risk profiles. Given below is how smokers insurance works.
Premium:
The premiums for smokers are higher for non-smokers due to a higher risk for insurance companies. Smokers are more vulnerable to developing health issues, and the chances of claims are higher. You can use a term insurance calculator to arrive at the premium before purchasing the plan.
Underwriting process:
Underwriting is the risk-assessing process. Smokers and non-smokers go through this process when they apply for term insurance. You will be questioned about your lifestyle habits during the process. You should give accurate information about your smoking habits, like frequency of smoking, the number of cigarettes you smoke in a day, etc. Some insurance companies may insist on nicotine tests as well.
Terms of policy:
The terms of the term insurance plan are not different for smokers and non-smokers. In both cases, if anything untoward happens to the policyholders during the policy term, the death benefit will be given to their families.
Declaration:
The applicants should not suppress any information while applying for the plan, including their smoking habits. The claim may be rejected if the insurer discovers it during the claim investigation process. Sometimes, it may result in policy cancellation as well.
Why should Smokers buy a Term Plan?
Every smoker should have a life insurance plan, as the probability of a smoker passing away earlier than other non-smokers is higher. Bearing this in mind, insurance companies now offer term insurance plans for smokers.
There have been cases wherein customers hide the fact that they smoke from insurance companies. However, a health check-up, which is a pre-requisite for a term insurance plan, is sure to reveal the truth. It will also further complicate your policy claim if the insurer finds this out, once you’ve passed away.
Types of Term Insurance for Smokers
All smokers do not have the same smoking habits and insurance companies understand this. That is why they have categorized smokers into three types:
Preferred Smoker
A preferred smoker is someone who apart from smoking is overall fit. The premium for this type of smoker is the least.
Typical smoker
This is the kind of smoker with a minor lingering health issue. The premiums charged in this case will be slightly higher as compared to a preferred smoker.
Table rated smoker
This is a smoker who has an obvious health condition owing to smoking. The premium this kind of a smoker pays on his term insurance plan is generally the highest among all three types. This is because the person already has a health issue and the insurance company looks to minimize its risks.
A term insurance for a non-smoker and a smoker are significantly different from each other.
What are the eligibility criteria for a term insurance plan for smokers?
The eligibility criteria to qualify for smokers life insurance are:
Minimum Age
The minimum entry age for life insurance for smokers is 18 because it is the age when smoking is considered legal.
Maximum Age
The maximum age to apply for the plan ranges between 55 to 75 years, depending on the service provider you choose.
Minimum Term
The minimum term for term insurance for smokers is between 5 to 10 years, depending on the insurer.
Maximum Term
The maximum term for a smoker’s life cover can go up to 40 years. The objective is to cover the working years of the policyholder’s career years to ensure protection for his/her family.
Sum Assured
The sum assured depends on the specific needs of your family and how much they require at a future date to manage financial obligations like children’s education, marriage, monthly expenses, and your budget.
Premium Payments
Smokers are entitled to annual premium payments.
Eligibility
You need a valid and acceptable ID proof, income proof, and medical test reports to be eligible for term insurance for smokers.
Why Sum Assured is an Important Factor When it Comes to Term Insurance?
Choosing the right sum assured in your term insurance plans is essential for your family's financial security. This sum provides crucial protection in case of unexpected events, giving you peace of mind. A higher sum ensures your loved ones are well-supported, covering debts, education costs, and income replacement. Selecting the right amount is key to ensuring their future is secure. To explore the best term insurance plan options and find the ideal sum assured for your needs, click the tabs below.
ARN - ED/02/25/21047
What Happens If You Don’t Tell Your Insurance Company About Your Smoking?
If you are a smoker, you should disclose the habit while applying for a term insurance plan. Suppression of facts can lead to dire consequences at the time of claim settlement. Here are some of the non-disclosure consequences for smokers:
Impact of Smoking on Term Insurance Claims
Smoking has a great impact on term insurance claims, especially if it is not disclosed while applying for the term insurance plan. The insurance company investigates whether the death is due to lifestyle-related diseases and if the habit was disclosed before the policy issuance. If not disclosed, the claim may be rejected or the payout reduced.
Consequences of Undisclosed Smoking Habits
Sometimes individuals fail to disclose their smoking habits while applying for a term plan to avoid high premiums. Whenever a claim is filed, the insurance company investigates the cause of death. If smoking was the contributor to the death, and they discover that the habit was not mentioned in the term plan application, the claim will be rejected or the death benefit will be reduced. It can also be considered fraudulent and may lead to legal consequences.
Policy Termination and Penalties for Smokers
If smokers fail to disclose their habits while applying for the term plan, the insurance company may terminate the plan or reject a claim when it arises. The company may as a penalty increase the premium. Non-disclosure can also have legal consequences.
Conclusion
Term insurance is an essential inclusion in your financial planning to ensure your family’s financial security. However, term insurance for smokers is more important as they are more susceptible to health issues. Smokers are considered high-risk candidates for life cover and the insurance premium will be higher than that of non-smokers.
If by chance, you hide this information while buying a term insurance plan, you will face dire consequences if the insurer uncovers it later during periodical reviews. You may be labelled as a fraudster making it difficult to get life cover from any service provider. Providing accurate information while applying for the plan is hence critical to avoid policy cancellation, blacklisting, and claim denial.
How Does Smoking Affect Term Insurance Premiums?
Smokers are more susceptible to developing smoking-related diseases such as lung cancer, heart disease, respiratory issues, etc. They pose a higher risk of claims to insurers when compared to non-smokers. Considering this aspect, the premiums allocated are higher and depend on the age and the risk involved. A heavy smoker may have to pay a higher premium than a social smoker. It is therefore recommended to compare the term plan for smokers from various insurance companies to get the best deal. The premium is generally higher for smokers. For instance, if the premium for a term plan of 1 crore is Rs. 600 for non-smokers, it may be between 700 to 800 for smokers the amount generally depends on the other factors like Policy term and age as well .
FAQs on Term Insurance for Smokers
Q. Can smokers get term life insurance?
Yes. Smokers can get term life insurance but at a higher premium compared to non-smokers because they have a higher risk of developing health issues due to the habit.
Q. Can you get life insurance if you have smoked?
If were a smoker earlier and have quit smoking at the time of policy purchase, you can get a life insurance cover. If you have quit smoking, the insurer will consider you as a non-smoker if you have refrained from smoking for the last 1 year.
Q. How to pass a smoking test for term insurance?
You can pass a smoking test for term insurance by self-disclosure, medical examinations, or nicotine test.
Q. How do insurance companies check for smokers?
Insurance companies have an extended underlying process for smokers that includes various medical tests. Some insurers may need you to undergo a nicotine test.
Q. What if I stop smoking after taking term insurance in India?
If you have quit smoking after taking term insurance for smokers, you can request premium correction during renewal. The insurance company considers the request depending on sine how long you have quit smoking.
Q: Why is term life insurance more expensive for smokers?
The mortality rate of smokers is higher than the smokers posing a higher risk of claims for insurance companies. Smokers are more prone to heart diseases, lung cancer, and other respiratory issues. To compensate for the risk involved, the premium for smoker term insurance is more expensive than that for non-smokers.
Q: Do smokers need to buy more than one term plan?
No. Smokers need not buy more than one term plan. They can have adequate coverage with a single policy. However, the premium for term insurance for smokers will be higher than the premium for term plans for non-smokers.
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
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***Online Premium for Life Option for HDFC Life Click 2 Protect Super (UIN: 101N145V07), Male Life Assured, Non-Smoker, 20 years of age, Policy term of 25 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Monthly Premium of 622/30=20.7).
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