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Term Insurance is a life cover offered by companies for fixed tenures. This is a very cheap category of life insurance and offers you only death benefits. The investor pays an amount of Premium to the insurance company which is calculated on the Policy value you have chosen. We have various types of Term insurance policies offered by multiple companies. The policies vary in nature and terms for each company. It’s risk-free and easier now-a-days to buy new insurance policies. We have many portals available online for buying insurance policies. With online Term Insurance services we are able to compare the policies with that of other companies and pick the best one that suits our needs. There are specific clauses in term insurance policy called as conversion clauses where the policy can be converted to a permanent policy until 75 years of age. There are policy Riders that come along with the standard term insurance policies. They provide additional weight-age and benefits at additional costs to the term insurance policy.
You must have come across a closed ended question on smoking or tobacco usage in application form that you fill in for any insurance policy. The reason why the insurance companies inquire on your tobacco usage is that the chance of being prone to health hazards for a tobacco consumer is more when compared to a non-user. A smoker is having an apparently greater chance of burning to the ground. So the insurance companies are taking chances by offering policies for such people. Insurance companies want their customers to be healthy and offer them policies so that both the company and the Insured will be Risk free. The premium amount paid by a smoker is more than a non-smoker. Hence, they will be charged more premium slabs compared to non-users of tobacco. People who go with the choice “No” in the application are subject to more questions and verifications as they can provide fake information. They might have to undergo nicotine tests to prove the same.
Everyone knows that smoking is very hazardous to health and it causes varied illness from head to toe. Smoking results in high blood pressure, heart diseases, pulmonary diseases, respiratory infections, ulcers, mouth infections, and in some cases stroke also. The above listed are only one percentage of the hazards caused by smoking. We are inviting health risks and death by smoking.
In one point of view there is a benefit that the term insurance policy offers to a smoker. You may wonder how. An accelerated Death Benefit rider with a term insurance policy will be of much use for the insured. Here the insured will be able to utilize a percentage of the sum Assured when the insured is alive and is suffering terminal illness. However it’s required to produce medical records as a background for the insured to avail this benefit. After the death of the deceased the nominee receives a reduced amount of death benefit as they have already utilized a portion during the insured’s last stage of life. This would support the family members of the insured for medical expenses and treatment. Not all term insurance policies have such clauses. Hence it’s required to read the policy terms and agreement clearly before you go for it.
Since insurance companies have such above stated riders it does not mean that smoking is encouraged. Insurers always are concerned about the health condition of their customers and always support them in the time of despondency.