Giving Up Smoking Can Reduce a Life Insurance Policy by up to 43%
Smokers who have been inspired to quit following the national No Smoking Day on Wednesday could see significant financial benefits from kicking the habit in addition to the improvements to their health. Those who have taken out life insurance cover to protect their families could save up to 43% on their monthly premium costs, which could add up to thousands over the life of a policy term, according to consumer finance website SimplyFinance.
(PRWEB) March 12, 2010
After giving up smoking, cleaner lungs and a healthier lifestyle are only two of the positive physical changes people notice. However, those who have life insurance protection may also be surprised to learn how much difference being a non-smoker could make to their premium costs once they have been smoke-free for 12 months.
Katie Jenkins, Site Editor at SimplyFinance (http://www. simplyfinance. co. uk) comments, "People should be aware that quitting smoking has a really positive effect on all areas of their finances. The most immediate consequence is being better off each month to the tune of several hundred pounds; money that can be put into a savings account, used for paying off debts or to treat the family. However in the longer-term, life insurance policyholders could be saving on their monthly premium payments too from 12 months after kicking the habit. This can add up to thousands over the term of a policy."
Male and female non smokers would save 43%* on their premiums when compared to those paid by smokers. The premium for a non smoking male falls to £14.31 from £25.45 for a smoker, and a female £11.30 rather than £20.40.
While applicants must not have used tobacco or nicotine replacement products for 12 months to qualify as a non smoker, existing policyholders could start saving straight away. “Many policyholders will not be aware how far the cost of life assurance has fallen in recent years, so even if they don’t yet qualify as a non-smoker, they could still make substantial savings” said Richard Morea of London & Country.
To find out more about the free advice and support that is available to help with quitting smoking, visit the No Smoking Day website (http://www. nosmokingday. org. uk) or apply for a free NHS Quit Kit (http://smokefree. nhs. uk/quit-tools/quit-kit/). For more information about the types of Life Insurance available, visit the SimplyFinance Life Insurance (http://www. simplyfinance. co. uk/Insurance/Life-Insurance. html) pages.
To help policyholders check the competitiveness of their premiums London & Country has launched the 1 Minute Life Insurance Check (http://www. lcplc. co. uk/lifecheck). Answering a few simple questions will allow the user to see whether they are paying too much for their life assurance.
*Based on a 35-year old taking £200,000 level term assurance over 25 years.
Notes to Editors
SimplyFinance. co. uk is a personal finance website (http://www. simplyfinance. co. uk) that exists to help consumers manage their money more effectively. SimplyFinance. co. uk provides a range of informative content, tools and calculators to empower consumers to make more informed financial choices.
London & Country (http://www. lcplc. co. uk) (L&C) is the UK’s leading no-fee mortgage broker. Based in Bath, it provides award winning whole of market advice nationwide. As well as residential mortgages, it also advises on specialist mortgage sectors, and the protection market.
Press Contacts:
Katie Jenkins, Site Producer, SimplyFinance
Office: 0207 341312
Mobile: 07881 821425
Richard Morea, Technical Manager, London & Country
Office: 01225 341312
Mobile: 07970 885168
David Hollingworth, Head of Communications, London & Country
Office: 01225 341211
Mobile: 07710 634044
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