2nd March 2010
Smokers could save thousands of pounds on life insurance by
kicking the habit, according to moneysupermarket.com.
With No Smoking Day approaching on March 10, the comparison
website has revealed that Brits who quit smoking could see a
significant difference in their wallets as well as their
health.
By giving up cigarettes, smokers could save on average £6,044 on
combined Critical Illness Cover (CIC) and life cover, or up to
£1,685 on a single life insurance policy.
The figures are based on a 30-year old male wanting £150,000
worth of CIC over 25 years. A woman wanting the same level of cover
could save £3,655 by quitting.
In addition, with the average cost of a packet of 20 cigarettes
at £6.13, a smoker could save themselves around £1,508 per year if
they decide to go smoke-free.
Recent research shows 22% of women and 30% of men in the UK are
now ex-smokers - and two thirds of current smokers would like to
give up altogether.
Emma Walker, head of protection at moneysupermarket.com, said:
"It is crucial smokers seriously consider both the medical and
financial benefits of quitting, instead of letting their
hard-earned cash go up in smoke.
"There are real savings to be made by kicking the habit and
shopping around for the best insurance deal to suit your
circumstances. In order to be classed as a 'non-smoker' and qualify
for life insurance premium savings, insurers insist smokers have
kicked the habit for a full year.
"Critical Illness Cover could prove vital if a person finds they
are unable to work due to serious illness - especially important in
today's financial climate. With considerable savings to be made,
smokers will hopefully find the willpower to permanently kick the
habit, benefiting their health and their wallets."
Claims
Financial
Testimonial
"I just had to put pen to paper and write to say I'm more than delighted with my settlement that you won me back from my PPI I had with Lloyds TSB. The Claim Forms were simple to fill in. It was a breeze"
Mr R Evans 11 Nov 2010