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Why quitting smoking could save you £16k

Emma Lunn
Written By:
Emma Lunn

Today is No Smoking Day – giving up could mean you become eligible for lower rate life insurance premiums.

According to Royal London, you’ll be classed as a non-smoker for life insurance purposes if you haven’t smoked tobacco or used any nicotine replacement products (including e-cigarettes) for 12 months.

The insurer looked at some typical premiums for smokers and non-smokers.

A 30-year-old smoker would pay £13.13 a month for life insurance, compared to £7.17 for a non-smoker. This would save the non-smoker £1,788 over 25 years.

The saving is greater, the older you are. A 50-year-old smoker taking out life insurance would typically pay £82.48 a month for life cover, compared to just £29.13 for a non-smoker. Over a 25-yeat term, this equates to a difference of £16,005

According to the Office for National Statistics (ONS) in 2019, 62.5% of the British population aged 16 and above who have ever smoked said they had quit.

ONS figures show that the typical price for a packet of 20 cigarettes is now £11.45, meaning a 20-a-day habit will cost you £80.15 a week or £4,167.80 a year.

Smoking increases your risk of developing more than 50 serious health conditions, including cancer and heart, lung and circulatory disorders.

Craig Paterson, chief underwriter at Royal London, said: “Giving up smoking can save you thousands of pounds in your life insurance premiums – and that’s on top of the savings made from not buying cigarettes. This No Smoking Day, make the decision that’s best for your health, as well as your wallet.”

Liz McDonald, a stop smoking advisor based at the Cumberland Infirmary, said: “Stopping smoking improves your physical health but it is also proven to improve your mental health and wellbeing.

“Cutting out smoking does improve mood and reduces anxiety. Stopping smoking can be as effective as anti-depressants as people with mental health problems are likely to feel much calmer and more positive.

“Studies have shown that quality of life and positive mood improve. Anxiety, depression and stress levels lower.”