Non-smokers enjoy lower life insurance premiums
Published On 13 March 2008
Non-smokers pay far less for their life insurance than those who continue to smoke, an industry expert has said.Sarah Horner, spokesperson for Norwich Union, explained that insurance companies always look take smoking into account when calculating life insurance premiums.
She added that there was a definite financial benefit in quitting.
"A non-smoker can pay around half the premium as their smoker counterpart," Ms Horner added.
Some experts have suggested that the ban on smoking in enclosed public spaces, which came into effect in July 2007, would encourage more people to consider quitting.
However, Ms Horner explained that it would take some time before these people were able to enjoy lower life insurance premiums.
"At Norwich Union we ask that people have been free from using tobacco products for 12 months or more before they are classed as non-smokers," she said.
"It is probably too early to tell the full impact of the smoking ban, but the savings for non-smokers can be significant, so it is quite possible that in July we may see people requesting fresh quotes for their policies as non-smokers."
