It is not uncommon knowledge that smoking has adverse effects on your health. In addition to lung cancer, it is also a major contributor towards heart disease, one of the biggest causes of death in Malaysia. However, another important yet rarely asked question is- what is its association to Insurance? Through this guide, we will explore what Life Insurance can mean to a smoker and why it is important for people with the habit to ensure that they have comprehensive insurance at their disposal.
First things first, how does Life Insurance determine smokers?
An essential part of your life insurance form would be to answer the question if you are a smoker. Most Insurance proposal forms would ask you about the number of cigarettes you consume in a day or a week. The risk of your profile is highly dependent on your answer. However, it is extremely imperative for you to be honest in all aspects of your form, including smoking, because in the event that you’re caught lying at the time of filing your form, you can face grave repercussions which can range from claim rejection to being charged for fraud.
Remember, your life insurance policy aims to serve you and your family till the end of your life-and beyond. It acts as an income for your loved ones to get by with at the time of your demise. Hence, lying on your form is likely to lead to your family not being left with anything from your Insurance should the unfortunate event occur.
I smoke occasionally, am I considered a smoker?
Smoking as a habit is determined by Insurers if you have ever consumed tobacco or nicotine, more so during the last 12 months. To ensure uniformity, in Insurance terms the cost of premiums for an occasional or heavy smoker is almost always similar. In simple terms, if you ever smoked, your Insurance qualifies you as an at risk individual, which consequently raises the cost of your premiums.
Does vaping affect life insurance?
It does. As a matter of fact, any forms of consuming nicotine, including nicotine gum, patch, hookah and e-cigarettes can categorise you as a smoker by Insurers. So even if you don’t smoke in the conventional sense, make sure to inform your Insurer about any nicotine-related habits you might foster, otherwise your inability to provide accurate information can lead to serious repercussions!
What happens if I take up smoking after getting life insurance?
This is something you should definitely bring up to your Insurer at the time of your policy renewal to avoid Insurance fraud. Remember, the more honest you are with your Insurer about yourself, the better your chances are at getting full claim of your Insurance.
But is it really important for me to have Life Insurance?
Absolutely! As a smoker, you’re automatically an at risk individual. That said, if you wish for your family to be financially secure after your passing, a sound life insurance plan which reflects your existing habits is necessary.
Here are just few of the reasons Life Insurance can benefit you:
- It acts as a substitute income for your spouse.
- It pays off your funeral expenses.
- It leaves your children with the money they need as dependants before they can get on their own feet.
To know more on how life insurance can provide financial security to you and your family during difficult times, click here.
Do I have to pay extra premium, if so, how much?
As a smoker and a policyholder, the cost of the risk of your smoking habits falls directly on your Insurer. Smoking also makes you more prone to chronic diseases such as lung cancer or related cardiovascular diseases. They may also have a shorter life span as opposed to non-smokers, making them risky for an insurance company.
Apart from your smoking, the insurer also considers various factors during the computation of premium such as age, health and your engagement in other hazardous activities, such as drinking or participating in adventurous sports.
Even though the cost of extra premiums is subjective, depending upon your insurance plan, your cost of premiums would, on an average, be 10-15% higher than a non-smoker. But don’t let the cost dissuade you, stick by the end of the article to know how you can actually lessen the cost!
Do I pay less if I quit?
Contrary to popular belief, the answer is YES! If you quit smoking, you can request your insurer to recalculate the premium of the insurance policy at the time of policy renewal. The insurer may cut the premium rates depending upon the amount of time elapsed since the policyholder last smoked. Even though the criteria to be qualified as nicotine-free depends on your plan, usually an insured should stay away from nicotine for at least one to two years before they can be called a non-smoker.
So if you’re considering quitting, this is your sign! Protect your health while also saving on your Life Insurance!
How do I quit smoking?
Taking this article as a wake-up call to quit? We’re here to help! We acknowledge that smoking is an addictive habit that is difficult to get rid of immediately.
- In order to avoid relapses, the best thing to do is to prepare yourself, both physically and mentally, before going cold turkey. Instead of abrupt quitting, try to cut down to half of your regular cigarette consumption.
- If you’re a heavy smoker, consider alternatives which reduce your nicotine consumption. Some examples include nicotine gum or lozenges.
- External support is important! Remember that quitting smoking is a big step which can completely change the trajectory of your life. Don’t be afraid to lean on your family, friends or loved ones. Whenever you fall weak, they can be the ones to lift you back up!
- Most importantly, consult a medical professional. Your doctor can best advise you on how to quit based on your personal health and body details.
How can I buy the type of Insurance best suited to meet my needs?
We’re glad you asked! www.policystreet.com helps you to find the best price that you can get being a smoker and get yourself and your family financially secured.
With stressful lifestyles and rising premium rates, it is important to start planning early and have coverage in place in case of any health issues in future. Their one-stop platform makes sure that your Insurance purchasing experience is simple, easy and affordable!
In addition to their low-cost premiums, even cheaper than the insurers directly, their around the clock dedicated customer service team ensures that you have an unmatched experience.
Check out their website to know more on how you financially secure your loved ones’ lives today!
