Reap the financial rewards of a non-smoker by kicking the habit

With National No Smoking Day (12 March 2014) around the corner, research from MoneySuperMarket has revealed that those who kick the habit will not only reap the health benefits from quitting but their wallets will look a lot healthier as well.
 
The comparison site found that those who choose to ditch cigarettes for good could make impressive savings on combined critical illness cover (CIC) and single life cover. For example, a 30 year old taking out critical illness cover worth £150,000 over 25 years could save £5,421 over the term, or £18.07 per month, if they made the decision to go smoke free.
 
The research also found that non-smokers could make considerable savings on single life cover – up to £1,548 with LV= on a single life insurance policy over the term. Additionally, the British Heart Foundation estimates a smoker could save themselves a up to £3,000 on the cost of their habit per year if they decide to quit.
 
Emma Walker, head of protection at MoneySuperMarket said: "Smokers can not only reap the health benefits of kicking the habit, but can also reap the financial rewards if they choose to permanently go smoke free. Insurers insist that smokers kick the habit for a full 12 months in order to be classed as a ‘non-smoker’ before they qualify from lower insurance premiums. However, smokers looking to ditch their habit should use this as motivation that there are savings to be made in the future and should shop around for the best insurance deal to suit their circumstances in the meantime. Critical illness cover can especially prove vital if a person is unable to work due to serious illness.”
 
Dr Mike Knapton, Associate Medical Director at the British Heart Foundation, added: “Quitting smoking is the single best thing you can do for your health and your wealth. Keeping track of what you’re saving is a great motivator to stay off the cigarettes as it mounts up very quickly. In just one week an average smoker saves more than £50 and in a year this really adds up.
 
“We know it’s not easy to quit but with No Smoking Day around the corner we’re encouraging people to think about the money they could save by joining the million other smokers attempting to quit on March 12.”