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5 Ways How Smoking Can Affect Your Insurance Policy

By SiliconIndia   |   Monday, May 6, 2013   |    2 Comments
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1. How Smoking Affects Your Insurance

Term insurance is a life insurance policy that gives coverage at a fixed rate of payments within a limited period of time. If the insurer dies during that fixed period, the death benefit will be paid to the beneficiary.

Term insurance is considered to be the least expensive way to get a significant death benefit. Infact, there are more number of people who are opting for term insurance, as there is an increase in the awareness and low life insurance premium.

It is always a better option to inform your insurer; if you have developed any addiction like smoking and drinking, since there will be increased risk factors on you.

There are 3 types of smokers, categorized by the insurance companies. They are:

a) Typical Smoker (a smoker with little health risks)
b) Preferred Smoker (an otherwise fit smoker)
c) Table Rated Smoker (a smoker with a noteworthy physical condition)

If you are a person who falls under “preferred” and non-tobacco category, you will not have to pay as much premium as the person who falls under “typical” tobacco category. Thus, the person who smokes will have to pay higher premiums because of high health risks.

Also Read:
5 Stress Busters to Lighten Your Debt Worries
Ideas That Will Make You Wealthier Than Your Banker


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