Smokers pay twice as much for life insurance
Smokers could save £2,000 on their life insurance premiums by giving up cigarettes, according to price comparison site Moneysupermarket.
Research from the website found that life insurance premiums for non-smokers are nearly half the price of those for smokers. Life insurance cover of £100,000 for a 35 year-old male smoker, taken out over 25 years, would cost £17.68 a month with Scottish Provident. For a non-smoking man, the premium would be £9.91 a month – a saving of 44% or £2,331, according to Moneysupermarket.
Louise Cuming, head of protection at Moneysupermarket, said: “In order to be classed as a ‘non-smoker’ and qualify for life insurance premium savings, insurers insist smokers have 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 best deal to suit your circumstances.”