Smokers who quit this No Smoking Day could save as much as £8,404 on combined critical illness and life cover according to research from moneysupermarket.com.
The study has found that 70 per cent of smokers are keen to give up altogether, and if they do, men can expect to save more than £8,000, while women could save £4,800 on combined critical illness insurance
and life insurance
The saving comes on top of the extra £1,394 a smoker could save by not buying cigarettes. Emma Walker, head of protection at moneysupermarket.com said:
"In today's climate where every penny counts, it's clear to see there are both financial and medical benefits to stubbing out cigarettes for good.
"There are real savings to be made by kicking the habit and shopping around for the best insurance deal to suit your circumstances. In order to be classed as a 'non smoker' and qualify for life insurance premium savings, insurers insist smokers have kicked the habit for a full year."
When it comes to critical illness cover, smokers could be paying double what a non-smoker pays due to increased risks, Ms Walker added: "It's crucial smokers seriously consider both the medical and financial benefits of quitting, instead of letting their hard-earned cash go up in smoke.
"With considerable savings to be made, smokers will hopefully find the will power to permanently kick the habit, benefitting their health and their wallets." Compare life and critical illness insurance deals »
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