Life Insurance Customers Encourages To Quit Smoking And Save Money
Recent research from an insurance website, has stated that people who do give up smoking, can save on average, up to 8,404 on combined Critical Illness Cover (CIC) and life cover, or up to 1,725 on a single life insurance policy.
Moreover, according to the website, around 21 per cent of women and 28 per cent of men in the UK are now ex-smokers - while 70 per cent of current smokers would like to give up altogether.
Figures from the UK based website indicated that non-smokers will save considerably on a combined CIC and life insurance policy. A 30-year old male wanting 150,000 worth of cover over 25 years could save 8,404 over the term if they make the decision to go smoke free. A woman wanting the same level of cover could save 4,800 by kicking the habit.
Due to the policy holder quitting a smoking habit, this will no longer be a factor that can cause the life insurance policy to be claimed on a quicker rate.
No Smoking Day
Emma Walker, the head of protection at the insurance website 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."
It was also highlighted that quitting smoking can have benefits for finances as well. The average cost of a packet of 20 cigarettes is 5.67. A smoker could save themselves around 1,394 per year if they make the decision to go smoke-free.
Emma Walker continued: "Critical Illness Cover could prove vital if a person finds they are unable to work due to serious illness. With the cost of a combined CIC and life insurance policy for a smoker almost double compared with a non-smoker's policy, the advantages of leading a smoke-free life are clear.
She concluded: "its 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, benefiting their health and their wallets."
ASDA Life highlights benefits of non-smoking
Life insurance provider, ASDA Life has also encouraged policy holders, to stop smoking. It also highlights the points that enabled a policy holder who has quit smoking, to be considered a non-smoker.
For this to take place, the policy holder must have quit smoking for at least 12 months. At that point, they can speak to an adviser to see if they can readjust a new policy for you at a cheaper premium. Although it noted that a cheaper premium will not be entirely certain. This is because other factors such as age and health come into play. However there is a very good chance that the premium will fall.
Matt Morris, the Senior Policy Adviser at ASDA Life, stated: "It is important to make sure you have a new policy in place before cancelling your existing one, as your new policy could turn up some nasty surprises in underwriting and may even be declined if your health has changed."
Moreover, according to the website, around 21 per cent of women and 28 per cent of men in the UK are now ex-smokers - while 70 per cent of current smokers would like to give up altogether.
Figures from the UK based website indicated that non-smokers will save considerably on a combined CIC and life insurance policy. A 30-year old male wanting 150,000 worth of cover over 25 years could save 8,404 over the term if they make the decision to go smoke free. A woman wanting the same level of cover could save 4,800 by kicking the habit.
Due to the policy holder quitting a smoking habit, this will no longer be a factor that can cause the life insurance policy to be claimed on a quicker rate.
No Smoking Day
Emma Walker, the head of protection at the insurance website 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."
It was also highlighted that quitting smoking can have benefits for finances as well. The average cost of a packet of 20 cigarettes is 5.67. A smoker could save themselves around 1,394 per year if they make the decision to go smoke-free.
Emma Walker continued: "Critical Illness Cover could prove vital if a person finds they are unable to work due to serious illness. With the cost of a combined CIC and life insurance policy for a smoker almost double compared with a non-smoker's policy, the advantages of leading a smoke-free life are clear.
She concluded: "its 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, benefiting their health and their wallets."
ASDA Life highlights benefits of non-smoking
Life insurance provider, ASDA Life has also encouraged policy holders, to stop smoking. It also highlights the points that enabled a policy holder who has quit smoking, to be considered a non-smoker.
For this to take place, the policy holder must have quit smoking for at least 12 months. At that point, they can speak to an adviser to see if they can readjust a new policy for you at a cheaper premium. Although it noted that a cheaper premium will not be entirely certain. This is because other factors such as age and health come into play. However there is a very good chance that the premium will fall.
Matt Morris, the Senior Policy Adviser at ASDA Life, stated: "It is important to make sure you have a new policy in place before cancelling your existing one, as your new policy could turn up some nasty surprises in underwriting and may even be declined if your health has changed."
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