Kick The Habit And Save £4,000

Moneysupermarket.com has said that giving up smoking could save up to £4,000 in life insurance premiums. No Smoking Day is on March 14 and those who stop smoking now could help their health and their pockets. That’s because life insurance premiums for non smokers are half the cost of those for smokers.

For example, a 35-year-old man who wants £100,000 of life insurance cover over 25 years would pay £19.15 a month with one insurer as a smoker. But as a non-smoker, he would only pay £8.50 a month – saving 56 per cent or £2,550. And with some insurers, giving up smoking could save over £4,000 during a 25 year policy.

Moneysupermarket’s Emma Walker 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. ‘

Smoking is to be banned in all enclosed public places in England from July 2007. These include offices, factories, pubs and restaurants. Many people are expected to take the hint to give up smoking as a result and No Smoking Day could be the time that they kick start their new regime.

Emma Walker said: ‘More than 2.8 million people are expected to give up smoking because of the new law’, so if you’re keen to give up this year, you should find plenty of support from others in the same position. While smokers often benefit from a higher income from pension pay-outs in retirement due to lower life expectancies, most people value the health and lifestyle benefits of quitting early, and half price life insurance could simply be the icing on the cake.’