No we’re not insensitive – we’re talking about your last gasp of smoke – have you given up smoking?

Smokers pay up to 60% more for their life insurance cover compared to non-smokers. So, besides the health dividend, life insurance companies will chip in with lower premiums. And the saving isn’t to be sneezed at! It could typically amount to £10 or more per month.

Most insurance companies say you’re entitled to non-smoker premium rates if you’ve not smoked or otherwise used nicotine products, within the last five years. If you’ve only just given up smoking you’ll have to wait for the extra spending money.

But sometimes there’s a way of speeding things up. Some insurers have adopted a more relaxed definition of a non-smoker by shortening the 5 year abstinence period to just twelve months. So if you’ve been fag free for a year, find out whether you can move your life cover to one of these insurers. But you have to be careful. Never cancel your existing policy until you’ve received written acceptance from your new insurer.

How do you swap insurers?

First of all, to get the best price, you need to go on the Internet and find a life insurance broker that provides help, discounts price and searches the whole insurance market for the lowest prices. If you use a web site that provides an on-screen quote, you won’t know whether that insurance company that comes up uses the 5 year or the 12 month smoker definition. Online systems never tell you. To be sure you need to chat on the phone to a life insurance adviser.

Then ask for a quote. If the quoted price looks cheaper than you’re currently paying as a smoker, put in a full application. One of the main aspects that conditions your premium is of course, you age. Therefore, if your original policy was put in place many years ago, the savings could be quite a bit less than the 60% we have indicated. You’ll just have to get a quotation and find out! As all brokers are only too pleased to provide quotations, and these are always free and without obligation, what have you to lose?

Having found an attractive quotation from an insurer with a 12-month smoker definition, you’ll have to complete a full application. Read every question carefully and answer all the questions fully and honestly. Far too many applicants try to ensure a low premium by being “economical with the truth” on questions that might otherwise not read too well for them! Don’t be tempted.

Over the last few years insurance companies have also become far more picky about whom they allow to have standard terms – that’s the first price they quoted you. Their selection rules about weight and health have become far tougher resulting in lots more clients having their premium loaded. That’s why you mustn’t cancel your existing policy until you have got a final acceptance at a price that gives to that saving you’re looking for.

Whilst the switching process may sound a little daunting, it isn’t really. In any case if you end up with big savings, it’ll provide an extra reward for the stress of giving up.

Good luck.