On average, smokers die 10 years earlier than non-smokers. And, if you’re a smoker, you might have questions like: Can I get term life insurance if I smoke? How will it impact my policy?
Here’s what you need to keep in mind while buying a term insurance plan:
When you buy a term insurance product, you pay a small fee every year to protect your family’s downside. In the event of your passing, the insurance company pays out a large sum of money to your loved ones. Think 1 crore, 5 crores, or even 10 crores.
And here’s some good news. Whether or not you’re a smoker, you’re entitled to good-quality term insurance, but with a catch. The premiums tend to be higher for smokers than for non-smokers. In some cases, they can go up by 40% or more!
This isn’t just limited to cigarettes. All forms of tobacco consumption, like occasional hookah, gutka, or beedi, fall under this category. In fact, if you’ve consumed any of these in the last 12 months before you apply for the policy, you may be considered a smoker by default.
However, if you’re planning on quitting, you will be considered a non-smoker if you’ve been clean for more than a year. But hey, smoker or non-smoker, life happens. You need to protect your family in the event of your absence and get term life insurance.
We’ve partnered with Ditto to help you find the right insurance policy without mis-selling, spam, and, most importantly, advisors to handhold you through the purchase journey.
If you need help, talk to an advisor here.
On a side note, as tough as it can sound, quitting smoking is the best thing you can do to your body.