What One Can do to Pay Lower Premium for your Term Life Insurance

We can’t help growing up, but is there such a thing as growing up too fast? Are there ways or things that we do or eat in our day to day life that contribute us aging faster than we normally should? Can our lifestyle or habits really cut short our lifespans? The answer to all these questions is yes. Your lifestyle choices can have a bad effect on your health and in turn on your life span. Not only that but habits like smoking or drinking also have an adverse even on your life insurance premium.

Yes, it’s true, if you’re a smoker and you buy a term plan, your terms and premiums can be starkly different than those of a non-smoker. This is all because a smoker is more likely to contract diseases like respiratory illness and complications, COPD, emphysema, stroke, hypertension, heart disease and cancer (mostly lung cancer).

If you’re a smoker and wish to reduce your term life insurance premium, here are some things you could do, apart from quitting smoking of course.

1.  There is no such thing as an occasional smoker. Almost all insurance companies classify smokers from non-smokers with this simple rule. If you have used tobacco in the last 12 months you are classified as a smoker. So if you wish to apply for a term plan or any other form of Life Insurance, it’ll be a good idea to abstain from smoking for at least 12 months.

2.     There are insurers that are more open to insuring smokers than others. The population that smokes is huge in India and every year it only keep going up. Although the claim risk is very high, insurance companies still go ahead and offer insurance to the smokers. Some organisations attract the smokers aggressively because they offer comparatively lower premium amounts. Look for an organisation that offers a health insurance policy that suits your needs.

3.  There are programs called smoking cessation programs that are offered by insurance companies and employers alike. These programs can help reduce your term insurance premium a great deal. The catch here is that you need to abstain from smoking for at least two years for you insurance premiums to go down significantly.

4.    If you wish to quit smoking after you’ve already purchased a Term Plan then you can notify your insurance company about the same and ask for a review every year that your policy is active in order for them to lower your premiums.