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June 25, 2012updated 13 Apr 2017 8:43am

Life insurance savings of being smoke free highlighted

Financial comparison website MoneySupermarket has highlighted the savings on life insurance coverage available to consumers in the UK five years on since the smoking ban was introduced in England. The smoking ban was introduced on 1 July 2007 and MoneySupermarket said a 30 year old male smoker smoker wanting £100,000 ($155,499) of cover over the next 25 years would pay £36 a month with Scottish Provident, but £22 if he was smoke free for 12 months; a saving of £14 a month, or £4,209 over the full term

By Ronan Mccaughey

Financial comparison website MoneySupermarket has highlighted the savings on life insurance coverage available to consumers in the UK five years on since the smoking ban was introduced in England.

The smoking ban was introduced on 1 July 2007 and MoneySupermarket said a 30 year old male smoker wanting £100,000 ($155,499) of cover over the next 25 years would pay £36 a month with Scottish Provident, but £22 if he was smoke free for 12 months; a saving of £14 a month, or £4,209 over the full term. For women, the cost saving over the term would be £2,052.

Emma Walker, protection expert at MoneySupermarket, said: “The cost smoking adds to the price of a premium for life insurance or critical illness is considerable and should be one reason for anyone to consider quitting.”

Walker added that in order to be classed as a non-smoker and qualify for life insurance premium savings, insurers insist smokers have packed it up for a full year.  

She explained that once smokers have given up for 12 months, and this includes any tobacco-replacement products they might be on, such as nicotine patches – they can back to their insurer and ask for non-smoker rates, subject to tests to prove they have quit cigarettes.

 

 

 

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