Over the course of a year, a smoker with a 20 a-day habit spends £1900 on cigarettes. Kicking the habit is therefore quite a money-saver. The financial incentive to quit is for many more of a motivator than the health benefits associated with leading a cigarette free life. So here's one more incentive to add to the pile:
Those who don't smoke typically save around £2,000 to £3,000 on their life insurance.
For example, a 35-year old smoker with life insurance cover of £100,000 would pay £17.90 a month with Norwich Union. The same cover for a non-smoking male would cost £10 a month. Over a 25 year term that’s a saving of almost 45% or £2,370.
To be eligible for a non-smoking life insurance rate, insurers generally require that you have been smoke free for a period of 12 months.
Swapping to a non-smoking policy will mean completing a new application form which will involve you declaring the details of your most recent medical history. If any serious medical conditions have arisen since taking out your cover, then this could mean that your premium could increase. If the increase in premium outweighs the savings to be made from being a non-smoker then it could be a wise move to not change your policy.
It pays to shop around when looking for life insurance as insurance companies each offer different deals. An insurer that suits one person may not be suitable for another.
If you decide to give up smoking then remember to change your life insurance policy. Do a bit of research and search around for the right company for you. You could save yourself thousands!
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