Smoking, life insurance and a four thousand pound saving

Fri, 09 Mar 2007

Recent life insurance news has focused on the positive effects of giving up smoking on life insurance premiums. With no smoking day looming on march 14th, it seems that those who stop smoking now could save their health and their bank balance. One website puts the total saving at over 4,000 pounds.

Taking, for instance, a man of 35 who is looking for life insurance cover to the level of 100,000 pounds over 25 years. As a smoker, he would be likely to pay 19.15 pounds per month. However, as a non-smoker he would pay 8.50 pounds per month. Potential savings for some borrowers could far exceed even this figure.

A spokeswoman for Money Supermarket, who estimated the savings, said: "In order to be classed as a ‘non-smoker’ and qualify for life insurance premium savings, insurers insist on smokers having kicked the habit for a full year. The difference in premiums between a smoker and a non-smoker is vast and there are significant additional savings to be made simply by shopping around for the cheapest deal to suit your circumstances."
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