Cheaper premiums for non-smokers
Published On 29 January 2007
New figures indicate that non-smokers could save serious sums of money when it comes to their life insurance premiums.According to research by Sainsbury's Bank, non-smokers can save up to 48 per cent when applying for a new life insurance policy when compared with smokers.
If you're worried that your past history of smoking will reflect badly on you, fear not, as a number of insurance firms, including Sainsbury's Bank, will consider you a non-smoker as long as you have not had a cigarette within the past year.
Premium reductions depend on the age of the person, with older non-smokers likely to enjoy the greatest savings.
"With many making New Year's resolutions to give up smoking, the health benefits of not smoking are well known but the financial gains are often underestimated," said Claire Moyles, the life insurance manager at Sainsbury's Bank.
"There is obviously the near £6 per-packet saving from not buying cigarettes, but your life insurance premiums could also be significantly lower because of your healthier lifestyle."
She added that the forthcoming ban on public smoking in England and Wales this year is expected to encourage a further 1.44 million people to give up the habit.
