Smokers could lower life insurance premiums if they quit
Published On 4 March 2008
People who smoke could dramatically reduce their life insurance premiums if they give up the habit.That is according to Moneysupermarket.com, which has asserted that smokers could potentially save over £2,000 on their life insurance if they quit.
The price comparison website noted that non-smokers typically have life insurance premiums that are nearly half the cost of those of smokers.
However, smokers must prove that they have completely kicked the habit to benefit from lower premiums.
Louise Cuming, head of protection at moneysupermarket.com, explained: "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."
The site recommended that anyone who is considering replacing a policy should shop around to find the best deal before settling on a new insurance plan.
