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.
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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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