Term life insurance is one of the smartest and cheapest life covers you could buy. It is a form of life insurance policy that provides you with coverage for a particular period. In the case of the demise of the policyholder, the sum insured is given to the nominee, which is usually a family member.

However, if you tend to smoke or are a habitual smoker, buying a term plan could become a bit difficult. This is because being a smoker increases the risk of diseases such as cancer and it could result in an increased premium price. If you are a smoker and you want to buy a term insurance policy to protect your loved ones, here is what you will encounter.

How does the insurance company determine if you are a smoker or not?

The insurance company will deem you a smoker if you have-

• Consumed pan masala in the past two years.
• Smoked cigarettes, beedi, cigars, gutka, tobacco, or any other form of nicotine in the last two years.

Can one get term insurance being a smoker?

Yes, you can definitely buy a term insurance plan if you are a smoker. But the premium prices for smokers could be between 30% to 40% more than those who do not smoke. All insurance companies have a set of questionnaires and medical tests to determine the risk associated with the insurance policy. You will be required to mention that you are a smoker at the time of buying a term plan itself.

What happens if I don’t declare being a smoker?

Some people tend to hide the fact that they are a smoker for lower premium prices for their term insurance. But that can have repercussions. If the insurance company identified that you are a smoker through medical test or through some other means, it could result if the insurer refusing to give you the coverage. Furthermore, if chronic smoking results in some severe ailment followed by death, then the nominee’s claim might get rejected.  Hence, it’s always the best idea to give accurate information to your term insurance provider while buying a term plan.

How to buy a plan if you are a smoker?

If you are a smoker and if you are planning to buy a term plan, you must keep certain things in your mind. Different insurance companies could consider the fact that you are a smoker at different levels. Therefore, it is a wise idea to compare various insurance plans available in the market and thoroughly study them to form a conclusion. Select a term plan that is affordable and suits and your lifestyle. You could also use term insurance plan calculators to compare and choose between various plans.

Do you need a term plan if you are a smoker?

Certainly! Term plans are more essential for smokers. A term plan means protection to your family and loved ones at a time of uncertainty. Smoking could be extremely harmful for your body, and it could shorten the life span or results in serious ailments. In such situations, term insurance can undoubtedly help your loved ones to pay back the liabilities and meet the expenses, including school, college, bills, etc. It is one of the most helpful ways to ensure your family’s secure future. Therefore, if you have the habit of smoking regularly, it is a wise idea to secure your family’s future life with a term plan.

To sum up, if your family’s wellbeing is your concern, it is always advisable to buy a term plan to help them financial if something unfortunate happens to you. However, it Is always advisable to turn away from smoking as soon as you can. It has health as well as monetary benefits. If you are a smoker and if term life insurance is expensive for you, quit smoking now so that it could be less expensive when you renew it.