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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 It is now over 6 months old so the content may be out of date.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."

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