With No Smoking Day on March 11, moneysupermarket.com says those who kick the habit could see a difference in their wallets as well as their health; saving on average £8,404 on combined Critical Illness Cover (CIC) and life cover, or up to £1,725 on a single life insurance policy.
According to the latest research, just over a fifth of women and over a quarter of men are now ex-smokers - and 70 per cent of current smokers would like to give up altogether.
Emma Walker of moneysupermarket.com says: "It is clear to see there are both financial and medical benefits to stubbing out cigarettes for good. There are real savings to be made by kicking the habit. To be classed as a ‘non-smoker' and qualify for life insurance premium savings, insurers insist smokers have kicked the habit for a full year. Critical Illness Cover could prove vital you find you are unable to work due to serious illness. With the cost of a combined CIC and life insurance policy for a smoker almost double compared with a non-smoker's policy, the advantages of leading a smoke-free life are clear. Smokers should seriously consider both the medical and financial benefits of quitting, instead of letting their hard-earned cash go up in smoke. With considerable savings to be made, smokers will hopefully find the willpower to permanently kick the habit, benefiting their health and their wallets."
Critical illness insurance: News update: 06/03/2009