The rate of mortality among smokers is significantly high. Smoking and the consumption of tobacco can lead to harmful medical conditions, like lung cancer, heart disease, stroke, asthma, and diabetes.
It is estimated that approximately 8 million people worldwide die every year due to the intake of tobacco. Speaking about India, around 1.3 million people lose their lives every year due to the consumption of direct tobacco and allied products. After reading the stats, you can understand that life can be uncertain. So, it is necessary to secure your family’s financial future.
While searching for life insurance plans, you will come across various alternatives. Term plans can be an ideal option. These policies offer a large sum assured at an economical premium. However, if you are a smoker, you will have to pay a costlier premium compared to non-smokers. The amount may be approximately 70% higher viz-a-viz non-smokers.
If you are planning to invest in a term plan, do note that it does not offer any maturity benefits. In case of the policyholder’s death, the nominees will receive a lump sum. Moreover, it is advisable to invest at an early age so that you can avail of a policy at a cost-effective rate. Besides this, in term plans, the premium remains fixed throughout the tenure of your policy. If you are a smoker, the premium will be expensive even if you are young. However, you can still save a substantial sum, as this cost will create a hole in your pocket when you invest at an older age.
The high premium should not stop you from buying a term plan, as it is a matter of your family’s monetary stability. Have you ever thought about how will your family members manage the household expenses, pay medical bills, and fulfill financial future goals when you are not there to take care of them.? What if you have liabilities like a personal loan, car loan, or housing loan? You need to find answers to these crucial questions if you are neglecting to buy a term plan just because of the high premium.
One of the biggest advantages of investing in a term plan is the huge sum assured. Your nominees will get this amount if an unfortunate event occurs. Your loved ones can utilize this sum to lead a financially independent life and accomplish their short-term and long-term financial aspirations, as well as meet their daily expenses. So, you need to determine how much money your family will require during your absence. In this case, you can select the sum assured based on your family’s financial requirements. Remember, you cannot go wrong here, as your family’s economic safety will be at stake.
Before buying a term plan, ensure that you compare the features, premiums, and other aspects to get a good deal. Do note that the premium is cheaper if you buy online term insurance rather than the traditional approach of purchasing it via an insurance agent. It is because the insurer eliminates the agent’s commission and passes on this benefit to you.
As you may across many choices while looking for an online term insurance policy, it is suggested that you seek the help of a term plan premium calculator. It will help you get the best deals and you may save some amount.
To sum it up
Being a smoker, the risk to your life is high. So, it is better to be safe than sorry. Without any delay, purchase a term policy and ensure the monetary stability of your loved ones. A term plan premium calculator can assist you in finding the most suitable policy. So, get started and forget worrying about the economic future of your dear ones.