Going smoke-free? Then re-consider your insurance - Life insurance - News - Moneyfacts


Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Going smoke-free? Then re-consider your insurance

Going smoke-free? Then re-consider your insurance

Category: Life insurance

Updated: 06/01/2014
First Published: 06/01/2014

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The start of the year brings with it a host of New Year's resolutions, and for many people quitting smoking will be at the top of that list. Well, if that's the case, make sure to reconsider your insurance policy – not only could going smoke-free be good for your health, but it could be good for your premiums too.

Research from Sainsbury's Bank, based on Moneyfacts data, has revealed just how much cheaper life insurance can be for those that don't smoke. As a guide, a 30-year-old non-smoker with a £100,000 single life policy (20-year term) could find their premiums are 24.5% cheaper than someone who smokes, resulting in an average saving of £571 over the lifetime of the policy. And, for a 50-year-old, their premiums could be as much as 51.6% cheaper – saving them £6,770.

That's why it makes a lot of sense to re-consider your life insurance policy if you reach the goal of being smoke-free. And, if your resolution for 2013 was to give up smoking and you've passed with flying colours, you'll want to review your policy right away. Anyone that hasn't smoked for 12 months and hasn't used any nicotine replacement products is technically classed as a non-smoker, and that could result in significantly smaller premiums.

What Next?

Make sure to talk to your insurance provider to discuss your requirements, or if you still need to take out a policy - speak to an professional Life insurance adviser on 0800 294 7206

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Stay-at-home parents do £30K of unpaid work

New research has found that stay-at-home parents do an average of £29,812 of unpaid work per year, and yet almost two-thirds of them don’t have any life insurance, creating a potentially dangerous situation if something were to happen to them.

51% of women lack a financial safety net

A new study has found that for 28% of women, the inability to support themselves or their families financially is their greatest financial fear. And yet, 51% of women have no form of protection against financial curveballs.

Lack of life insurance raises alarm bells

Many of us realise that we should have life insurance, yet far too few actually take the plunge and invest in a policy. This could be a big mistake, as failing to have sufficient protection could put your family’s finances in jeopardy.