PRN: Stop Smoking and Save Thousands on Life Insurance

05/mar/2012 17.42.02 PR Newswire Turismo Contatta l'autore

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Stop Smoking and Save Thousands on Life Insurance

 
[05-March-2012]
 

CHESTER, England, March 5, 2012 /PRNewswire/ --

 

  • Smokers could save at least £5,500 on life cover by quitting
  • Stubbing out cigarettes could save another £1,880 a year, says MoneySupermarket

With National No Smoking Day (14 March 2012) approaching, and the fifth anniversary of the smoking ban this year,[1] recent research from MoneySupermarket.com reveals those who kick the habit could see a benefit to their wealth as well as their health.

The UK's leading comparison site found smokers who kick the habit could save on average £5,490 on combined Critical Illness Cover (CIC) and life cover, or up to £1,788on a single life insurance policy.[2]Furthermore, with the average cost of a packet of 20 cigarettes hitting £6.95, a smoker could save themselves a further £1,880 per year by making the decision to go smoke-free.[3] 

Emma Walker, head of protection atMoneySupermarket  said: "Not only can smokers reap the medical benefits of kicking the habit, but they can avoid letting their hard-earned cash go up in smoke too. With significant savings to be made, those who make the decision to quit should shop around for the best insurance deal to suit their circumstances. Insurers will insist smokers have kicked the habit for a full year in order to be classed as a 'non-smoker' and qualify for savings on their life insurance premium."

MoneySupermarket found non-smokers can make considerable savings on combined CIC and life insurance policies. For example, a 30 -year old male wanting £150,000 worth of cover over 25 years could save at least £5,490 with Aviva over the term, or £18.30 per month, if he made the decision to go smoke free.A woman wanting the same level of cover could save at least £2,742 a term with Ageas Protect or £9.14 per month just by kicking the habit.

Emma Walker continued: "Critical Illness Cover could prove vital if a person is unable to work due to serious illness, which is especially important in today's financial climate. With considerable savings to be made, smokers will hopefully find the willpower to permanently kick the habit, benefiting both their physical and financial health."

MoneySupermarket.com has the following tips when looking for protection:

  • Don't always be lured by the lowest premium or incentives.  Look at policy coverage and extras within the cover to make sure you are getting the best value for money and the best coverage;
  • Make sure your answers are truthful and correct and give all of your relevant personal information and medical history, or a subsequent claim might be rejected;
  • Always review cover following life-changing events such as a change of job, having children, a change in marital status, increased debt or moving house;
  • When replacing a policy, always seek advice and compare like for like, as the premium may be cheaper but the coverage might not be as comprehensive. Never cancel anything until the new cover is in place;
  • If the premium is too big for your budget, consider getting some initial critical illness cover that you can add to later.

Notes to editors:

[1]http://www.nosmokingday.org.uk/organisers/getinvolved.php?status=launches2012

Fifth anniversary of 'Smoke-free England' - the smoking ban - on 1 July 2012

[2] Critical illness & life cover for men and women; savings to be made by non-smokers on a monthly and term basis:

     30-year-old male, GBP150,000 over 25 years for single life cover                      Monthly     Total     Monthly      Total      Savings per  Savings for                      premium  premium over  premium  premium over  month by not term by not             Provider  smoker   25 years   non-smoker   25 years     smoking      smoking     Aviva            GBP13.53   GBP4,059   GBP7.57     GBP2,271     GBP5.96      GBP1,788     Legal & General  GBP13.68   GBP4,104   GBP7.66     GBP2,298     GBP6.02      GBP1,806     Zurich           GBP14.35   GBP4,305   GBP8.50     GBP2,550     GBP5.85      GBP1,755     LV=              GBP14.50   GBP4,350   GBP8.38     GBP2,514     GBP6.12      GBP1,836     Ageas Protect    GBP14.86   GBP4,458   GBP8.79     GBP2,637     GBP6.07      GBP1,821       30-year-old female, GBP150,000 over 25 years for single life cover                      Monthly     Total     Monthly      Total      Savings per  Savings for                      premium  premium over  premium  premium over  month by not term by not             Provider  smoker   25 years   non-smoker   25 years     smoking      smoking     Aviva             GBP9.11   GBP2,733   GBP6.23     GBP1,869     GBP2.88       GBP864     Legal & General  GBP10.30   GBP3,090   GBP6.62     GBP1,986     GBP3.68      GBP1,104     LV=              GBP10.69   GBP3,207   GBP7.09     GBP2,127     GBP3.60      GBP1,080     Zurich           GBP10.75   GBP3,225   GBP6.70     GBP2,010     GBP4.05      GBP1,215     Ageas Protect    GBP10.86   GBP3,258   GBP7.50     GBP2,250     GBP3.36      GBP1,008       30-year-old male, GBP150,000 over 25 years for critical illness & life cover      (CIC + TPD Own Occupation Only)                      Monthly     Total     Monthly      Total      Savings per  Savings for                      premium  premium over  premium  premium over  month by not term by not             Provider  smoker   25 years   non-smoker   25 years     smoking      smoking     Aviva            GBP50.75  GBP15,225  GBP32.45     GBP9,735     GBP18.30     GBP5,490     Ageas Protect    GBP50.89  GBP15,267  GBP31.50     GBP9,450     GBP19.39     GBP5,817     AEGON Scottish      Equitable        GBP54.15  GBP16,245  GBP32.81     GBP9,843     GBP21.34     GBP6,402     Zurich           GBP54.72  GBP16,416  GBP33.20     GBP9,960     GBP21.52     GBP6,456     Scottish      Provident        GBP55.28  GBP16,584  GBP33.29     GBP9,987     GBP21.99     GBP6,597       30-year-old female, GBP150,000 over 25 years for critical illness & life cover      (CIC + TPD Own Occupation Only)                      Monthly     Total     Monthly      Total      Savings per  Savings for                      premium  premium over  premium  premium over  month by not term by not             Provider  smoker   25 years   non-smoker   25 years     smoking      smoking     Ageas Protect    GBP41.36  GBP12,408  GBP32.22     GBP9,666     GBP9.14      GBP2,742     Aviva            GBP41.45  GBP12,435  GBP32.30     GBP9,690     GBP9.15      GBP2,745     AEGON Scottish      Equitable        GBP43.98  GBP13,194  GBP33.69    GBP10,107     GBP10.29     GBP3,087     Zurich           GBP44.19  GBP13,257  GBP33.79    GBP10,137     GBP10.40     GBP3,120     Scottish      Provident        GBP44.82  GBP13,446  GBP33.31     GBP9,993     GBP11.51     GBP3,453     Sourced by http://www.moneysupermarket.com 20.02.2012 


[3] Average price of a pack of cigarettes is £6.95: http://www.the-tma.org.uk/tma-publications-research/facts-figures/uk-cigarette-prices/

In 2009, an average number of 13.1 cigarettes were smoked each day by current smokers. This includes an average of 13.9 cigarettes for men and 12.4 for women, totalling 4721.5 per year (or 239 packets of 20 per year).

http://www.ic.nhs.uk/pubs/smoking11

239 packets of 20 cigarettes per year at £6.95 = £1,661.05 per year spent on cigarettes, plus average yearly life insurance savings of £18.30 per month x12= £219.60.40. Total saved in a year = £1880.65

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