Smokers – quit to save a packet - Life insurance - News - Moneyfacts


Smokers – quit to save a packet

Smokers – quit to save a packet

Category: Life insurance

Updated: 26/11/2012
First Published: 11/03/2009

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 It is now over 6 months old so the content may be out of date.

Smokers have been advised that they could substantially reduce their life insurance premiums by kicking the habit.

The advice coincides with No Smoking Day when up to one million people plan to quit. Successfully doing so could cut monthly life insurance payments in half, says Norwich Union.

A 45 year old male with a ten year term would see his monthly premium drop from £55.20 to £29.65, an annual saving of £306.60, while a 35 year old female with 15 year level term assurance without critical illness cover would pay £7.17 a month, rather than £9.12.

Louise Colley, head of protection, said: "People stand to make a double saving if they give up their smoking habit; as well as not spending more than £5 on every pack of 20 cigarettes, people could save by cutting the price of their protection products too."

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 Any products featured may be withdrawn by their provider or changed at any time.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

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.

Risks of the heart

One person dies from heart disease every minute in the UK, resulting in 425 deaths a day and making cardiovascular disease Britain’s number one killer. This is according to the BHF, which found that heart diseases account for 26% of deaths.

Mortgage holders – are you financially vulnerable?

The monthly mortgage payment will probably be one of your biggest outgoings, but what if you were unable to work? Trying to cover the bills would no doubt be a struggle, which is why it’s worrying that so few have suitable insurance in place.