Giving up smoking could slash your life insurance premiums by £3,000, moneysupermarket.com has found.
Just weeks ahead of the UK-wide public smoking ban, Emma Walker, head of life insurance at moneysupermarket.com, indicated that the 1.2 million smokers countrywide who have already announced their intention to quit could save on insurance as well as on the cost of buying cigarettes.
For example, Norwich Union would charge a 35-year-old smoker £17.90 a month to be insured for £100,000 life insurance cover for the next 25 years, where a non-smoking male would pay just £10 a month, almost 45 per cent less.
Meanwhile, a non-smoker with LV= insurers would pay £3,150 less over a 25-year period while a Friends Provident non-smoking customer could pay £2,274 less.
"The premium difference between a smoker and a non-smoker is vast," Emma Walker commented.
But she warned that most insurers expect smokers to have given up for a full year before they can be classified as a non-smoker, and that some will want smokers to take tests to prove they have kicked the habit.
Find out more about life insurance
© Adfero Ltd