Save thousands on life insurance by quitting smoking
Smoking is often referred to as a dirty and expensive habit, but many people assume the cost of smoking is limited to the amount of money people actually spend on cigarettes. According to the latest figures released by Money Supermarket, it’s not just the lack of spending on the actual cigarettes that will save customers money, but on their life insurance as well.
It was five years ago on Sunday that smoking in public places was initially banned and the survey revealed that people who gave up smoking on that date would have saved over £7,000 in that time by not buying cigarettes.
With the obvious health benefits as well, many people will find themselves far better off by giving up their addiction.
As well as the £7,250 saving on cigarettes, customers will also find that they would have paid around £4,200 less in life insurance premiums over the typical 25 year term of a policy, reducing the cost to the customer overall by around £11,500.
Money Supermarket revealed that a typical 30 year old male customer, who was a smoker would pay around £36 a month for their life insurance cover, over a 25 year period.
That same customer who didn’t smoke would pay just £22 a month, with savings of almost £150 a year evident to all.
If you have a simple life insurance payout, with no critical illness cover attached you can also save money by not smoking, with cover costing around £3.80 a month, or 40% less for the non smokers than smokers. Female non smokers can save over 50% of their premium over a smoker on a similar policy.
Whilst you must fully give up smoking, including nicotine patches to be considered a non smoker the benefits are obvious, and you bank balance will thank you for it.
Protection Expert Emma Walker explains, “Once smokers have given up for 12 months – this includes any tobacco-replacement products they might be on, such as nicotine patches – they should go back to their insurer and ask for non-smoker rates; subject to tests to prove they’ve quit of course.”