The health benefits of giving up smoking are well known but did you know it can also save you money on your life insurance?
Life insurance premiums for smokers can be almost double those for non-smokers. As an example; £100,000 of cover over a 25 year term for a 35 year old male smoker costs around £15 a month. The same cover for a 35 year old male non-smoker only costs around £8.50 a month – a saving of £1950 over the term of the policy.
For a life insurance company to class you as a non-smoker you must not have used any tobacco products at all in the last 12 months. So just 12 months after quitting you may be able to shop around and reduce your premiums.
Premiums for critical illness insurance, income protection and private medical insurance are also substantially cheaper for non-smokers. Even the premium for your home insurance could be cheaper as a non-smoker.
Similarly, if you have had your life insurance premiums rated in the past for being overweight and you are now a healthy weight, you should be able to shop around for cover at a lower premium.
Even if your insurance is on standard rates, if it has not been reviewed for a few years it may be possible to obtain the same or better cover at a lower premium. Increased life expectancy and fierce competition has caused many life insurance companies to reduce their premiums and improve their cover.
For a free review of your life insurance or other protection needs, or for further advice, contact Emma Greer; tel 028 90229798 or e-mail [email protected].