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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

MONEYFACTS ARCHIVE
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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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