Life insurance more expensive for smokers in Ireland

Wed, 10 Jan 2007

A survey, conducted by the Financial Regulator in Ireland, has found that smokers pay far more for life insurance than their non-smoking peers. According to the results, some even pay twice as much for their insurance .

The results were gleaned by comparing monthly life insurance and mortgage protection cost for people of different ages and with different habits. According to the study, a smoker aged 38 would pay over twice as much on a 300,000 Euro life insurance policy over 25 years than a non-smoker.

However, the regulator also warned that smokers could save over 4,500 Euros over a 25-year period if they shopped around. The regulator highlighted the fact that life insurance was a ‘very affordable product’ for younger consumers.

Mary O’Dea, speaking on behalf of the regulator, said: "Whether you are taking out life insurance for the first time or reviewing your insurance you can use this survey to see where you can get the best value policy."
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