Give Up Smoking and Save up to 43% on Your Life Insurance

11-Mar-2010

If you're a smoker and have been inspired to quit following the national No Smoking Day on Wednesday, you could see significant financial benefits from kicking the habit in addition to the improvements to your health.

However, cleaner lungs and a healthier lifestyle are only two of the positive physical changes you'll notice.  If you have life insurance protection to protect your family, you may also be surprised to learn how much difference being a non-smoker makes to your premium costs once you have been smoke-free for 12 months.  

Katie Jenkins, Site Editor at SimplyFinance commented, "People should be aware that quitting smoking has a really positive effect on all areas of their finances.  The most immediate consequence is being better off each month to the tune of several hundred pounds; money that can be put into a savings account, used for paying off debts or to treat the family."

"However in the longer-term, if you hold a life insurance policy, you could be saving on your monthly premium payments too from 12 months after kicking the habit.  This can add up to thousands over the term of your policy. " Male and female non smokers would save 43%* on their premiums when compared to those paid by smokers.  The premium for a non smoking male falls to 14.31 GBP from 25.45 GBP for a smoker, and a female 11.30 GBP rather than 20.40 GBP.

While applicants must not have used tobacco or nicotine replacement products for 12 months to qualify as a non smoker, existing policyholders could start saving straight away. "Many policyholders will not be aware how far the cost of life assurance has fallen in recent years, so even if they don't yet qualify as a non smoker, they could still make substantial savings" said Richard Morea of London&Country.

If you'd like to talk through your life insurance options with an experienced adviser, simply fill out our short life insurance form and we will connect you with an adviser from the SimplyFinance network. 

To find out more about the free advice and support that is available to help you quit smoking, visit the No Smoking Day website or apply for a free NHS Quit Kit.  For more information about the types of Life Insurance available to you, please visit the SimplyFinance Life Insurance pages.

*Based on a 35-year old taking 200,000 GBP level term assurance over 25 years.