Many diseases are considered the deadliest in the world. Heart disease, diabetes, AIDS, and Tuberculosis are fatal diseases. One disease that has been called the silent killer is cancer. And among the most common forms of cancer worldwide are lung and oral cancer. One of the main causes of oral and lung cancer is the habit of smoking. India ranks among the countries with a higher smoking population. If you are a smoker looking to purchase an online term plan, you might receive a higher premium for the plan. What are the problems caused by smoking? And why does it affect your premium? Let’s find out below.
What is a term plan?
A term insurance policy is a type of life insurance policy that provides your loved ones with a financial safety net in your absence. The insurer will compensate your family with the sum assured under the policy. As a policyholder, you have the option of selecting the plan as per your needs and budget.
What are the harmful effects of smoking?
Listed below are some of the well-known side effects of smoking:
- Lung cancer
- Mouth cancer
- Heart disease
- Emphysema
- Hypertension
- Stroke
In addition to these diseases, smoking also causes restlessness and insomnia. It also impacts the appetite of many people. Smoking can also affect one’s libido and decrease their sexual drive.
Why do insurance companies charge smokers more?
There are various term insurance benefits that you can enjoy when you plan on investing in it. The main advantage is the assurance your loved ones get in your absence. This amount helps in taking care of necessary expenses. However, insurance companies tend to do a proper medical and background check on the person who eventually becomes a policyholder.
You will be asked whether or not you have been smoking. If you are a smoker but lie on your form that you do not smoke, your insurer might fine you or even lapse your policy when they discover your habit. The reason why smokers are charged more is because of the nature of smoking. As mentioned earlier, smoking can cause a whole array of diseases.
Treating cancer and heart diseases is quite costly, especially when they are caused by smoking. Your insurer will be forced to pay extra money to treat the condition. Because of this, your online term plan will cost more than that of a non-smoker.
What can you do to reduce the cost?
To reduce the cost of your term plan, you can do one of the following things:
1. Look for smoker-friendly companies
While most companies tend to charge smokers more regarding term insurance, some companies charge smokers relatively low when they buy their policy. You could look into such a possibility.
2. Opt for a cessation program
It is an uphill task to quit smoking. Most people tend to relapse immediately, which can be problematic. In such cases, many insurance companies have tie-up with several organizations that help fight smoking addiction. You can treat your smoking addiction with their help. If you manage to complete the program for a specified period, your insurer might consider reducing your premium.
If you want to ensure that your loved ones do not suffer because of your habits, try to kick the butt. This can be done with the help of your friends or through professional service. However, remember that insurance companies tend to charge more if you are a smoker. So, you can always try quitting smoking instead of spending more money on a policy.
It is prudent that you understand the benefits of quitting smoking to enjoy all the benefits of your term plan and secure the future of your loved ones.
