Author: Emma Mayo

The costs of smoking are well documented. High blood pressure, heart attacks, lung cancer – smokers know why it’s such a bad habit. The facts are humbling. 80% of non-smokers can expect to live to over 70, only 50% of smokers can. Also, 50% of smokers will die from a smoking-related disease. These diseases are often long, drawn out and very painful.

At over £5 for a packet of 20 cigarettes, they are also aware of how much it’s costing them monetarily. But the financial implications stretch further, meaning that smokers have to pay hundreds more for their life insurance.

Insurance companies classify anyone has who used any tobacco products in the twelve months before making the insurance application as ‘a smoker’. Statistics show that people that smoke are more likely to make a claim, so naturally the premiums are higher for smokers – but the margin is surprisingly high. A male 35-year-old smoker will pay 78% more in life insurance premiums than his non-smoking counterpart. It’s not much better for women – a smoker of 35 will pay 72% more. For £100,000 worth of cover over 20 years, that’s a difference of over £1,500. Add that to the cost of all those cigarettes at a rate of 20 a day, and that’s another £36,400 smoked up the chimney! Smoking certainly is an expensive habit…

Despite the extra cost implications, don’t be tempted to save money on life insurance by pretending that you don’t smoke. If you do need to make a claim then the insurer will most likely discover that you were in fact a smoker, and would use that as grounds to reject the claim. It simply isn’t worth the risk.

Some insurers have developed methods to make sure applicants cannot lie in any case. There is a saliva test that can reveal whether you are a smoker or not – and some insurers ask potential customers to take the test before they will insure them.

For people that do manage to give up the demon weed – they’ll have to wait for twelve months before telling the insurer and hopefully benefit from lower premiums. However, they’ll almost certainly get a better deal by shopping around on the Internet. Without the added expense of smoking affecting the quotation, the best bargains will be there for the taking.

Here are the two main reasons why people should give up:

Health – smoking is a sure fire way to shorten life span, and make things like running and exercise a lot more difficult.

Money – this article has already spelled out just how much smoking costs, that money could be far better spent on holidays and other luxuries.

If they’re not enough, there’s plenty more – like keeping a seat in the pub for example! Many pubs have already banned smoking. By 2007 smokers will be well and truly out in the cold.

If this article has inspired you to take a serious step towards giving up smoking, also have a look at www.quit.org.uk, representing the charity dedicated to helping people to quit the habit. The website www.givingupsmoking.co.uk is also a helpful port of call, and you can ring the NHS smoking helpline on 0800 169 0 169.

Life Insurance FAQ’s
More Life Insurance Articles
Request a Life Insurance Quote

Technocrati Tags[life-insurance]