Smokers could pay 'next to nothing' for their life insurance premiums if they quit, new research from Aviva has found.
With No Smoking Day taking place tomorrow, Aviva life insurance is urging smokers to consider kicking the habit, not only for their health but also to save money on their premiums.
Life insurance premiums are considerably cheaper for non-smokers, Aviva's analysis has found, with a 35 year old female with £75,000 of cover over 15 years paying £40 a year more if they smoke, on average, while a 25 year old male smoker pays more than £150 a year more for £125,000 of cover over 30 years compared to a non-smoking counterpart.
While the data shows that the number of Aviva life insurance policyholders who smoke has decreased in the last 12 months, 15 per cent are still smokers.
Smokers who do not currently have life insurance could use the money they spend on cigarettes more effectively by getting life insurance and protecting their family's future, Aviva suggests.
Anyone who quite smoking for at least a year will start to benefit from reductions in their life insurance premiums, the provider said, because they will become known as a 'non-smoker' and will pay the same rate.
Louise Colley, head of protection for Aviva, said; "It's encouraging to see our statistics showing people are giving up. We want to encourage people to think about the effect of smoking, not only on themselves but also on the people they care about.
"It's not a nice message, but the facts are there. Smoking is a danger to people's health, that's why it costs less for non-smokers to buy life insurance and critical illness policies. Life insurance companies offer the opportunity for financial security and peace of mind financially for loved ones, but it's doesn't protect customers health, quitting smoking is a crucial step for people to protect themselves."
© Fair Investment Company Ltd