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Quitting smoking 'saves £6k on insurance'

By Marianne Straker, Tue 2 Mar 2010 - Published in Life Insurance

Smokers could reduce their life insurance bills by £6,000 if they kicked the habit, it has been claimed.

Research from moneysupermarket.com found that giving up smoking can reduce the total cost of a single life insurance policy by up to £1,685, while combined critical illness and life cover could be £6,044 cheaper.

In addition, the report pointed out that a 20-a-day smoker could save around £1,500 a year if they decided to give up cigarettes.

Emma Walker, head of protection at moneysupermarket.com, said: "It is crucial smokers seriously consider both the medical and financial benefits of quitting, instead of letting their hard-earned cash go up in smoke."

She also explained that to be classed as a non-smoker, people will have to show their life insurance provider that they have quit the habit for a full year.

Last month, Equity Partners managing director Kevin Tooze said people can reduce the cost of their life insurance by making a few changes to their lifestyle, such as reducing how much they drink and quitting smoking.