Life Insurance News: Quit Smoking and Lower your Life Insurance
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Article Published: 17-Apr-2007
Life insurance experts across the UK agree that stopping smoking could lower your life insurance premiums and save you a fortune.
Lifesearch research has found that, over a 30 year period, a smoker will generally pay up to £6,000 more than a non-smoker on a £100,000 life insurance policy.
The ban of smoking in public places comes into effect in England on July 1st and this could encourage smokers to take steps to improve both their health and their finances. Once the ban has been in force for 12 months, there could be a huge number of former smokers looking to save money on their policies.
Research by Sainsburys Bank has suggested that as many as 1.44 million smokers plan to stub out their cigarettes when the ban comes into effect, and each of them could be looking at a cheaper life insurance policy as a result.
Life insurance experts suggest that smokers could save thousands of pounds on their premiums, simply by quitting the habit. A British Insurance Brokers' Association spokesman has agreed that smoking makes a significant difference when trying to reduce life insurance premiums, he said: "If you don't smoke, you will get a better deal at the end of the day."
Richard Eagling of Moneyfacts also agreed, saying: "Over the lifetime of a policy it is 37 per cent cheaper not to be a smoker, which means a saving of £2,000."
Last year almost 1.5 million smokers made a quit attempt and took a step towards finding lower life insurance premiums.
Source: Insurance-4-life.co.uk
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