This is how much money you will lose if you smoke.
Disclaimer: This table is based on general calculations. Specific data has to be checked independently.
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Smoking is bad for your health and wealth. Life insurers charge smokers a higher premium, compared to non-smokers. Smokers are prone to lifestyle diseases like heart ailments and diabetes, lung diseases like COPD, chronic bronchitis, cancer, asthma and a number of other diseases.
Tobacco causes 1 death every 6 seconds. Insurance is all about risk and protection from risk. If a life insurer is bearing a higher risk on a smoker, higher premiums will be charged. Insurers treat smokers equally. It doesn’t matter if you are an occasional smoker or a chain smoker you still have to pay a higher premium on the term life insurance policy.
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You have to fill up the proposal form when availing a term life insurance plan. You will be asked questions like, Do you smoke or how many cigarette packets do you smoke a day? You may be tempted to hide the smoking habit to save on term life insurance premiums.
Your insurance agent might advise you not to disclose the smoking habit to save on premiums. It would be wise to get rid of that agent. You must never lie about the smoking habit when filling the proposal form, even if you have not smoked for many years and are presently not a smoker.
You must be honest when filling the proposal form. If a smoker dies from lung cancer or a related disease and the insurer finds out about the smoking habit, then nominee claims would be rejected. Be Wise, Get Rich.
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