|
Life Insurance News
Smoking 'vastly increases life insurance premiums' - 19/06/2007
|
|
| Why not be the first to rate this article? |
|
|
Email this page to a friend
|
Life insurance policy holders who smoke could cut down on their premiums by quitting the habit, advises a price comparison website.
Online financial advice service moneysupermarket.com comments that smokers could save an average of £2,000 to £3,000 if they stop buying cigarettes.
"The premium difference between a smoker and a non-smoker is vast and there are considerable savings to be made simply by shopping around for the cheapest deal to suit your circumstances," said Emma Walker, head of life insurance at the website.
However, ex-smokers are required to have been off tobacco for a year before they are eligible for reduced life insurance costs, the online service states.
"Once smokers have given up for 12 months, they should go back to their insurer and ask for non-smoker rates, subject to tests to prove they have quit," advises Ms Walker.
Citing the example of Friends Provident's product, which could yield savings of £2,274 for a smoker who quits, the head of life insurance observes that help is available for smokers who give up, as the July 1st England ban places many smokers in the same situation.
The smoking ban came into force in Wales on April 2nd 2007 and in Scotland on March 26th 2006.
© Adfero
Back to Index
|
|