Smokers are being urged to consider what they could save by kicking the habit. Not only on the cost of buying cigarettes, but by shaving up to 50 per cent off their life and serious illness insurance premiums, which could total more than £12,500. Add to this figure the £2000-or-so saved on buying cigarettes each year; the total saving would be equivalent to awarding yourself a 9.5 per cent pay rise. It clearly makes no financial sense for people to keep sending their money up in smoke.
Research conducted by PruProtect shows that for those smokers still willing to brave the cold outdoors, price might become the final determining factor in the bid to stamp out cigarettes for good.
One fifth of smokers would be willing to pay up to £6.00 for a packet of 20 cigarettes. But more than double that amount admit £5.00 a pack is about their limit. With prices already hovering around the £5.00 mark, it is possible that any increase in price could prove a sufficient deterrent to those struggling to kick the habit.
Sammy Rubin, of PruProtect, says: “At PruProtect we offer those wanting to quit not only a financial incentive by saving money on premiums, but also encourage people to lead a healthier life style through our Vitality points scheme. To help those finding it tough to quit, we also offer heavily discounted entry to Alan Carr’s Easy Way smoking cessation courses.”
Life insurance: News update: April 2008