Best of the Week
Most Popular
1. Dollargeddon - Gold Price to Soar Above $6,000 - P_Radomski_CFA
2.Is Gold Price On Verge Of A Bottom, See For Yourself - Chris_Vermeulen
3.Dow Stock Market Trend Forecast 2018 - Nadeem_Walayat
4.Gold Price to Plunge Below $1000 - Key Factors for Gold & Silver Investors - P_Radomski_CFA
5.Why The Uranium Price Must Go Up - Richard_Mills
6.Dow Stock Market Trend Forecast 2018 - Video - Nadeem_Walayat
7.Jim Rogers on Gold, Silver, Bitcoin and Blockchain’s “Spectacular Future” - GoldCore
8.More Signs That the Stock Market Will Rally Until 2019 - Troy_Bombardia
9.It's Time for A New Economic Strategy in Turkey - Steve_H_Hanke
10.Fiat Currency Inflation, And Collapse Insurance - Raymond_Matison
Last 7 days
Gold Exodus to Reverse - 22nd Sep 18
Bitcoin Trader SCAM WARNING - Peter Jones, Dragons Den Fake Facebook Ads - 22nd Sep 18
China Is Building the World’s Largest Innovation Economy - 21st Sep 18
How Can New Companies Succeed in the Overcrowded Online Gambling Market? - 21st Sep 18
Golden Sunsets in the Land of U.S. Dollar Hegemony - 20th Sep 18
5 Things to Keep in Mind When Buying a Luxury Car in Dubai - 20th Sep 18
Gold Price Seasonal Trend Analysis - Video - 20th Sep 18
The Stealth Reason Why the Stock Market Keeps On Rising - 20th Sep 18
Sheffield School Applications Crisis Eased by New Secondary Schools Places - 20th Sep 18
Precious Metals Sector: It’s 2013 All Over Again - 19th Sep 18
US Dollar Head & Shoulders Triggered. What's Next? - 19th Sep 18
Prepare for the Stock Market’s Volatility to Increase - 19th Sep 18
The Beginning of the End of the Dollar - 19th Sep 18
Land Rover Discovery Sport 'Approved Used' Bad Paint Job - Inchcape Chester - 19th Sep 18
Are Technology and FANG Stocks Bottoming? - 18th Sep 18
Predictive Trading Model Suggests Falling Stock Prices During US Elections - 18th Sep 18
Lehman Brothers Financial Collapse - Ten Years Later - 18th Sep 18
Financial Crisis Markets Reality Check Now in Progress - 18th Sep 18
Gold’s Ultimate Confirmation - 18th Sep 18
Omanization: a 20-year Process to Fight Volatile Oil Prices  - 18th Sep 18
Sheffield Best Secondary Schools Rankings and Trend Trajectory for Applications 2018 - 18th Sep 18
Gold / US Dollar Inverse Correlation - 17th Sep 18
The Apple Story - Trump Tariffs Penalize US Multinationals - 17th Sep 18
Wall Street Created Financial Crash Catastrophe Ten Years Later - 17th Sep 18
Trade Wars Are Going To Crash This Stock Market - 17th Sep 18
Why Is Apple Giving This Tiny Stock A $900 Million Opportunity? - 17th Sep 18
Financial Markets Macro/Micro View: Waves and Cycles - 17th Sep 18
Stock Market Bulls Prevail – for Now! - 17th Sep 18
GBPUSD Set to Explode Higher - 17th Sep 18
The China Threat - Global Crisis Hot Spots & Pressure Points - 17th Sep 18 - Jim_Willie_CB
Silver's Relationship with Gold Reaching Historical Extremes - 16th Sep 18
Emerging Markets to Follow and Those to Avoid - 16th Sep 18
Investing - Look at the Facts to Find the Truth - 16th Sep 18
Gold Stocks Forced Capitulation - 15th Sep 18
Hindenburg Omen & Consumer Confidence: More Signs of Stock Market Trouble in 2019 - 15th Sep 18
Trading The Global Future - Bad Consequences - 15th Sep 18
Central Banks Have Gone Rogue, Putting Us All at Risk - 15th Sep 18
Gold Price Seasonal Trend Analysis - 14th Sep 18
Growing Number of Small Businesses Opening – and Closing – In the UK - 14th Sep 18
Gold Price Trend Analysis - Video - 14th Sep 18
Esports Is Exploding—Here’s 3 Best Stocks to Profit From - 13th Sep 18
The Four Steel Men Behind Trump’s Trade War - 13th Sep 18
How Trump Tariffs Could Double America’s Trade Losses - 13th Sep 18
Next Financial Crisis Is Already Here! John Lewis 99% Profits CRASH - Retail Sector Collapse - 13th Sep 18
Trading Cryptocurrencies: To Win, You Must Know Where You're Wrong - 13th Sep 18
Gold, Silver, and USD Index - Three Important “Nothings” - 13th Sep 18
Precious Metals Sector On a Long-term SELL Signal - 13th Sep 18
Does Gambling Regulation Work - A Case Study - 13th Sep 18
The Ritual Burial of the US Constitution - 12th Sep 18
Stock Market Final Probe Higher ... Then the PANIC! - 12th Sep 18
Gold Nuggets And Silver Bullets - 12th Sep 18
Bitcoin Trading - SEC Strikes Again - 12th Sep 18

Market Oracle FREE Newsletter

Trading Any Market

What Smokers Need To Know Before They Buy A Life Insurance Policy?

Personal_Finance / Insurance Jun 26, 2018 - 03:31 PM GMT

By: Submissions

Personal_Finance Before you buy life insurance you need to know that like any kind of insurance policy that you buy the amount of premium that you need to pay depends on various factors. You need to understand these factors before you buy life insurance so that you know how these are connected and also so that you can take the steps in order to reduce on the premium amount that you need to pay.




Buy Life Insurance But Know That The Insurance Company Is There For Business

When you buy life insurance, you need to first decide on the amount of coverage that the cheapest life insurance rates for smokers policy is going to provide and whether it is sufficient for you and for your family in the case of an unexpected death.

There are many things that have to be considered before you reach to a coverage figure. A life insurance company is doing business and it is here to make money. This is why they are more interested in covering those who are going to stay longer and who are going to pay their premiums.

Smoking is a risk to your life and you can die because of various diseases that smoking causes. This is why when you go to buy life insurance the company will see you as high risk if you are a smoker. You thus will have to pay penalty because the company is covering your high risk. This penalty is charged in terms of higher premium.

Since smoking increases the risk of dying it becomes more expensive for smokers to buy life insurance. This is also an incentive or the smokers to buy life insurance because they know that their life expectation is low and thus when they buy life insurance it will help to protect their family.

It is not impossible to find a life insurance company that is ready to offer affordable premium to smokers but that needs a lot of research. You need to buy life insurance plan for smokers from a good company so that your family’s future is taken care of.

Why Does The Life Insurance Company Charge A Higher Premium Amount To The Smokers?

A smoker is three times more likely to die than someone who does not smoke. Smoking leads to premature death which means that smokers die early.

  • a smoker is considered to live 10 years shorter than a non-smoker
  • a middle aged person can die because of a heart disease if he is a smoker

Life Insurance Smoker Definition As Per The Life Insurance Company?

A life insurance company will term you as a health insurance for smokers India smoker if you use cigarettes, e-cigarettes, hookah or consume nicotine. Even if you chew tobacco you fall under the smoker category.

It is irrelevant whether you have taken nicotine regularly or have smoked occasionally, you are still a smoker. Smokers end up paying almost double the premium as compared to non-smokers. This is why many smokers do not let the insurance company know that they smoke.

The life insurance companies however scrutinise the applicants and their medical history by examining the urine and the blood sample of the client. Since the life insurance company will pay your family in the case of your death, it is important that you be true when you fill in the application form. The life insurance companies are very strict about this factor and this could put you in trouble if the company later finds out that you had hidden the facts.

Lying and hiding the fact could lead to consequences and any misleading information could lead to denying the claim. Being truthful will let you get the benefits of the plan.

Frequently Asked Questions By Smokers Before Applying For A Life Insurance Policy

Before you buy insurance these questions could come to your mind if you are a smoker,

  • Can I benefit if I quit smoking before I buy life insurance for smokers India?

You may be thinking that you would want to wait for some time and quit smoking before you buy life insurance. But understand the danger of waiting too long. Death can happen anytime and it comes unexpected. You may not want to risk your family’s life by delaying the purchase. If you are a smoker then you are a high risk client and if you postpone buying life insurance it only means that you are risking your family’s life. Also premium increases with age so what you may want to save may actually increase with age.

  • Why is high premium charged to the smokers as compared to non-smokers?

The life expectancy ratio is lower for smokers because they are at high risk to die because of cancer or heart problems. Since their life span is short so to cover the risk the insurance company charges higher premium

  • How much extra premium does the insurance company charge for the best term plan for smokers?

The extra premium that the smoker has to pay will differ from one insurance company to the other. The health and the age of the candidate is also considered along with his habits.

  • What if I do not let the insurance company know that I smoke before I buy the life insurance or I am an occasional smoker life insurance?

Lying about smoking on life insurance is as good as a fraud and this could lead to charging you for hiding information and the insurer also has the right to void your policy. The insurance policy that you are buying is to protect your family and you would not want to risk their lives and their finances just to save some money. In case the life insurance company finds out later that you are a smoker and that you had not disclosed it at the time of purchase then they could also deny the claim.

  • What if I stop smoking after buying the life insurance policy?

If you stop smoking after you have purchased the life insurance policy then you can ask the insurance company to recalculate the premium amount at the time of renewing the policy. The insurance company could discount the premium amount based on how long it has been since you last smoked.

By Justin Weinger

© 2018 Copyright Justin Weinger - All Rights Reserved Disclaimer: This is a paid advertorial. The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules