Giving up smoking could save you almost £50,000

02 March 2005
In the run up to No-smoking Day on March 9th life insurers are revealing just how smokers could save by kicking the habit.

According to independent life insurance and protection specialist LifeSearch, when savings made on life insurance payments are coupled with the cost of cigarettes, an ex-20-a-day smoker could stand to save £49,090 over 25 years.

Price comparison website also found that a 35 year-old male smoker could be paying almost £100 more for his life insurance cover than a man of the same age who didn't smoke.

"Smokers pay considerably more for life insurance than non-smokers," said Graham Hollebon, head of personal finance at insurer More Than, who gave up himself last No-smoking Day.

"As smoking in the UK becomes increasingly 'unfashionable', with more and more bars and restaurants introducing smoking bans, now is a good time to stub out cigarettes for good."

However, if this March 9th does see you chuck out your cigarettes, don't expect a reduction in your life insurance premiums for at least a year.

LifeSearch senior technical adviser, Kevin Carr, explained: "In insurance terms a smoker is classed as a non-smoker after 12 months of not smoking.

Currently, this is regardless of the previous frequency or volume of usage."

Mr Carr added: "However, this could change as we expect to see a new category for 'previous smokers' which would mean three price sets: non-smoker, smoker and previous smoker as opposed to just two."

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