New research suggests that smokers who give up could save thousands of pounds in life insurance payments, as well as improving their health.
A life insurance policy is a good way to protect your family’s finances should the worst happen. You can compare life insurance with Money Expert.
National No Smoking Day is taking place on 14th March, and smokers are being reminded of the wealth benefits of giving up, as well as the health benefits.
Research by MoneySupermarket has found that smokers who kick the habit can save thousands of pounds on different life insurance policies.
It was found that smokers who strongly consider quitting the habit could save an average of £5,490 if they take out a life policy combined with critical illness cover. If they just take out a single life insurance policy, they could save up to £1,788.
“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,” said Emma Walker, head of protection at MoneySupermarket.
“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.”
On top of the savings on life insurance, the high cost of cigarettes mean that going smoke-free can save almost £2,000 per year. It was found that up to £1,880 per year could be saved by not buying cigarettes.
“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,” added Ms Walker.
“With considerable savings to be made, smokers will hopefully find the willpower to permanently kick the habit, benefiting both their physical and financial health.”
You can compare life insurance with Money Expert.