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Make smoking hot savings by kicking the habit

27th June 2014 Print

The seventh anniversary of the smoking ban is fast approaching on 1 July and the latest research from MoneySuperMarket reveals ditching the cigarettes could save Brits over £6,000 on life cover – so there’s no better time for smokers to kick the habit and benefit from healthier bodies and bank balances.
The comparison site found that as well as saving on the cost of cigarettes, Brits can make significant savings on life insurance including critical illness cover if they’ve kicked the habit. A 30 year old smoker wanting £150,000 of life cover over the next 25 years would fork out £55.79 a month with Bright Grey, compared to only £34.76 a month if they were smoke free; a saving of over £21 a month, or £6,309 over the full term.
Emma Walker, head of protection 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, seven 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 cover 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.”
The research also found that by giving up, smokers can also save money on single life insurance cover. Cover would cost £13.26 a month for a 30 year old smoker with Ageas, compared to £8 for someone who has quit the habit – a saving of £1,569 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.”