Smokers frequently believe they will not be eligible for a life or health insurance policy. Even more of a myth is that even if a life or health insurer issues them a policy, the premium will be very high, and they will need to undergo medical exams. Although, to a certain extent, only a few health insurance providers are tolerant when offering smoking policies. Most life insurance companies charge an additional health insurance premium for term insurance.
Some insurance companies may charge an additional premium if you smoke more than a certain number of cigarettes, say 20 per day. If not, there may be a 10–20% loading on the medical insurance premium or outright rejection.
A customer who smokes may have to pay up to 25% to 50% more for life insurance than a non-smoker. Smokers and non-smokers pay different premiums at certain insurance providers. Not all smokers need to have a medical exam. When physical medical examinations are necessary, the insurer’s panels of accredited laboratories conduct them through home or centre visits. *
Customers should be aware that if they have any pre-existing conditions, including smoking history, they must disclose this information to their insurance provider to avoid denying their claims. Even though some insurance companies now offer non-medical policies to lower entry barriers, it is still in your ideal interest to ensure your health status. Even if you do not currently have a disease or have been a heavy smoker for a long time, you should get a medical exam lest the insurance company deny your claim for failure to disclose material information.
A person who consumes nicotine in any form is considered a smoker by insurance companies. Blood, urine, saliva, and hair can all be easily analysed for nicotine. How frequently you smoke and other related conditions depend on how long nicotine stays in your system. To lessen the possibility of a claim being denied, it is advised for smokers to have their medical exams performed by the insurance company at the time the policy is purchased.
Although you may claim to be a non-smoker if you haven’t smoked in the last six to twelve months, getting checked out by a doctor before purchasing a life insurance or health insurance policy still makes sense.
A health insurance premium calculator is a convenient tool you can utilise online to check the coverage required based on your needs.
*Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.