Make smoking hot savings by kicking the habit
Five years ‘smoke free' could have saved recession-hit Brits £7,250 on cigarettes alone since the introduction of the Smoking Ban in 2007, according to MoneySupermarket.com.
Research by the comparison site found that as well as saving on the cost of cigarettes Brits can make an impressive saving on life insurance including critical illness cover if they've kicked the habit. A 30 year old male smoker wanting £100,000 of cover over the next 25 years would fork out £36 a month with Scottish Provident, but only £22 if he was smoke free for 12 months; a saving of £14 a month, or £4,209 over the full term.2 For women, the cost saving over the term would be an equally impressive £2,052. NHS research shows that while there has been no significant difference in the number of adults giving up smoking since the Smoking Ban came into force in 2007, the statistics reveal two thirds of current smokers would like to give up.
Emma Walker, protection expert at MoneySupermarket, said: "They say ‘there's no smoke without fire' and for addicted Brits the cost of cigarettes no doubt burns a hole in their pocket. But, five years down the line from the Smoking Ban anyone who kicked the habit for good will not only have saved a packet, they'll have taken a big step to improve their health. The cost smoking adds to the price of a premium for life insurance or critical illness is considerable and should be one reason for anyone to consider quitting.
"In order to be classed as a non-smoker and qualify for life insurance premium savings, insurers insist smokers have packed it up for a full year. Once smokers have given up for 12 months - this includes any tobacco-replacement products they might be on, such as nicotine patches - they should go back to their insurer and ask for non-smoker rates; subject to tests to prove they've quit of course."
MoneySupermarket found that by giving up, smokers can also save money on single life insurance cover. It would cost £10.59 a month for a male smoker with Ageas but £6.81 for someone who has quit the habit - a saving of £1,134 over the term.
Emma Walker continued: "Looking at the savings that can be made over the long-term can be a real eye-opener. The better your health, the cheaper your premium and by quitting you won't be burning your hard-earned cash either. It is essential to do your research to get the right premium for you - shop around for the best deals currently available on the market and decide on the most cost-effective deal to best suit your circumstances."