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Term Insurance for Smokers
With more probability of developing health issues, term insurance for smokers is more important than for non-smokers. The life insurance plans work the same way for both smokers and non-smokers, i.e., the beneficiary receives a death benefit in case the policyholder dies during the policy term. ...Read More
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Term Insurance Plans for Smokers
Table of Content
How does the term policy work for smokers?
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 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.
What Are the Consequences of Not Disclosing Your Smoking Habits to the Insurance Company?
If you intentionally deny your lifestyle habit to reduce the premium cost, the consequences may be serious and may be declared as fraud if the insurance company discovers it later. The insurer may impose a penalty or increase the premium. Aside from this, the other repercussions of non-disclosure are:
- The insurer may reject the claim if the policyholder dies of a health condition induced by the smoking habit.
- If the insurers find out about your smoking habit during their periodical checks, they may terminate the policy.
- If the insurance companies detect your lifestyle habit at a later date, they may increase the premium or charge penalties.
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.
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.
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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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@As per integrated annual report FY23-24, available on www.hdfclife.com. As of May 2024
^ Available under Life & Life Plus plan options
#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved
##Individual claim settlement ratio by number of policies as per audited annual statistics for FY 23-24
*As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.
***Online Premium for Life Option for HDFC Life Click 2 Protect Super (UIN: 101N145V06), 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).
**7% online discount available on 1st year premium only
~Tax benefits of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 30% on life insurance premium u/s 80C of ₹ 1,50,000 and health premium (Critical illness rider) u/s 80D of ₹ 25,000. Tax benefits are subject to conditions under section 80C, 80D, 10(10D) as per Income Tax Act, 1961. Please consult your tax advisor for more information.
ARN- ED/12/24/19532