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.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
