Term life insurance cheaper for non-smokers, consumers reminded

Thu, 19 Apr 2007

Smokers have again been reminded about the potential financing benefits of giving up.

Financing website Find.co.uk has highlighted the term life insurance savings that can be made from kicking the habit, life insurance policyholders may like to know.

Specifically, it claims that Sainsbury's Bank's £100,000 term life insurance cover costs £13.40 per month for a 35-year-old male smoker, but that this drops to £7.90 for a non-smoker.

It forms part of the financing specialist's coverage of how to carry out a financial spring clean.

Kate Marsden, marketing director of Find.co.uk, explained the need for consumers to take action.

"Most people fail to make the most of their hard-earned cash out of ignorance or inertia," she said.

"But with the wealth of easily accessible information available online, this should no longer be an excuse."

Last month, chancellor Gordon Brown increased the financing pressure on smokers with his 11th Budget by announcing that the cost of a 20-pack of cigarettes would increase by 11p.

Simultaneously, however, he also confirmed that VAT on nicotine patches would fall from 17.5 per cent to five per cent.

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