If you smoke 2-3 sticks a day, you don't need to inform the term insurance company, but if you smoke more than 2-3 cigarettes, you must inform the company.I have started smoking 4-5 years after buying my Term Insurance.
is there a way I can declare this now.? Will there be any impact on the premium payments.?
Any body in this group with any such experience.?
Ideally when you took the policy, the insurance company calculated your yearly premium based your lifestyle 4-5 years back. As per the policy documents, you're supposed to inform the Insurance Company if there is a material change in your lifestyle. And as Anurag pointed out smoking 2-3 sticks cannot be qualified as a material change. Still, as a prudent measure you should inform the company - worst case scenario your annual premiums will increase by 10-15%I have started smoking 4-5 years after buying my Term Insurance.
is there a way I can declare this now.? Will there be any impact on the premium payments.?
Any body in this group with any such experience.?
premium won't increase.. you are not mandated to declare.. if you do it is good.. any chg after policy issuance is new and not pre existing.. did they do a medical while issue of policy?Ideally when you took the policy, the insurance company calculated your yearly premium based your lifestyle 4-5 years back. As per the policy documents, you're supposed to inform the Insurance Company if there is a material change in your lifestyle. And as Anurag pointed out smoking 2-3 sticks cannot be qualified as a material change. Still, as a prudent measure you should inform the company - worst case scenario your annual premiums will increase by 10-15%