With National No Smoking Day (14 March 2012) approaching, and the fifth anniversary of the smoking ban this year, recent research from MoneySupermarket.com reveals those who kick the habit could see a benefit to their wealth as well as their health.
The comparison site found smokers who kick the habit could save on average £5,490 on combined Critical Illness Cover (CIC) and life cover, or up to £1,788 on a single life insurance policy. Furthermore, with the average cost of a packet of 20 cigarettes hitting £6.95, a smoker could save themselves a further £1,880 per year by making the decision to go smoke-free.3
Emma Walker, head of protection at MoneySupermarket said: “Not only can smokers reap the medical benefits of kicking the habit, but they can avoid letting their hard-earned cash go up in smoke too. With significant savings to be made, those who make the decision to quit should shop around for the best insurance deal to suit their circumstances. Insurers will insist smokers have kicked the habit for a full year in order to be classed as a ‘non-smoker’ and qualify for savings on their life insurance premium.”
MoneySupermarket found non-smokers can make considerable savings on combined CIC and life insurance policies. For example, a 30 -year old male wanting £150,000 worth of cover over 25 years could save at least £5,490 with Aviva over the term, or £18.30 per month, if he made the decision to go smoke free. A woman wanting the same level of cover could save at least £2,742 a term with Ageas Protect or £9.14 per month just by kicking the habit.
Emma Walker continued: “Critical Illness Cover could prove vital if a person is unable to work due to serious illness, which is especially important in today’s financial climate. With considerable savings to be made, smokers will hopefully find the willpower to permanently kick the habit, benefiting both their physical and financial health.”
