Quit to lower life insurance premiums, smokers told

Tue, 04 Mar 2008

Smokers could make a big saving on their life insurance premiums if they give up the habit, it has been claimed.

Louise Cuming, head of protection at moneysupermarket.com, explained that anyone who gave up smoking could save £2,000 over the term of their life insurance premium.

She said: "Smokers often benefit from a higher income from pension payouts in retirement due to lower life expectancies.

"However, most people value the health and lifestyle benefits of quitting early and a significant slice off your life insurance premiums could simply be the icing on the cake."

Ms Cuming added that to be considered a non-smoker and qualify for the insurance premiums an individual must have quit for a full year.

Last month, Stuart Budgen of Libra Financial Planning said consumers should look at the entire life insurance market before deciding on which premium they want to takeout.

He added that people should also consult a qualified advisor to help them in their search.
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