Life Insurance

What to Expect if You’re a Smoker Getting Life Insurance

05 October 2017

Injury If you’re among the 12.8% of Australian adults who smoke daily – or even if you’re only a semi-regular smoker – and are considering Life Insurance for the first time, there are a few things you should be aware of. From paying more to answering the insurers questions honestly, we take a look at what you can expect.

Smoking is expensive

If you are a smoker, then this is not news to you; smoking is a habit that’s growing more and more expensive each year. And the expense isn’t limited to the cost of the cigarettes themselves, it also includes a higher premium on your Life Insurance policy.

What should smokers expect from an insurance company? Well, regardless of how much smoking uniquely impacts your health and longevity, for the purposes of Life Insurance, you’re considered to be at a higher risk of dying prematurely and/or suffering a smoking related illness than a non-smoker. Even though smoking is a trend on the decline, you are entitled to the same insurance coverage that non-smokers are, it might just be at a higher cost.

Be an honest smoker

Smoking status is often in the top questions you’ll answer when applying for a Life Insurance policy, alongside your age. These simple questions are intended to assess your risk factor, for example, older men who smoke may have a higher risk of dying earlier than, say, a younger woman who doesn’t smoke.

If you think a couple of cigarettes on the weekend don’t count, they do. And the last thing you should do is hide the fact that you’re a smoker from your insurance company. For two big reasons: lying or omitting information on your application is considered insurance fraud, and if a claim is lodged and it’s found that you are/were a smoker (in the 12 months prior to your application), the insurance company may reject your claim or cancel your policy entirely. So it’s best to be up front about your smoking habits.

If you have any questions related to your smoking status and Life Insurance cover, speak to a Suncorp Life Insurance specialist on 13 11 55.

Information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Disclosure Statement or Product Information Document before making any decisions about whether to acquire a product.

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