It is challenging to quantify the impact of smoking on our lives, says Amrit Singh, Co-founder & CRO, LOOP.
In an interview with MintGenie, Singh said that insurers don't generally shy away from high-claim applications from smokers.
Edited Excerpts:
Q. Life insurance premiums are higher for smokers. Yet, many people continue to smoke. How many people in percentage terms reveal their smoking habits while buying policy?
While the exact percentage varies, many smokers are forthcoming about their habits when buying a life insurance policy. This is crucial, as withholding such information can result in policy nullification or reduced benefits. Remember, honesty is best in insurance.
Q. Do life insurance companies hesitate to agree to a high claim insurance application by smokers owing to the increased risk of diseases or untimely death among them?
Insurers don't generally shy away from high-claim applications from smokers. However, due to the increased health risks associated with smoking, they charge higher premiums to compensate for this.
Q. What is the percentage of life insurance payout claims made by the nominees of deceased smokers?
The exact percentage of payouts for nominees of deceased smokers isn't readily available. However, given the increased health risks linked with smoking, it's likely to be significant.
Q. What's the ideal policy for people with a high risk of morbidity due to smoking?
Term life insurance cover is often a good choice for smokers. It offers coverage for a specific period, usually more affordable than other life insurance options, despite higher premiums for smokers
Q. How much difference do you think "World No Tobacco Day” makes in awareness?
Observing “World No Tobacco Day” does make a significant difference. It might be challenging to quantify the impact, but any event raising awareness about the dangers of smoking and promoting healthier habits moves the needle in the right direction.
