moneysupermarket.com reveals those who kick the habit could see a difference in their wallets as well as their health.
People kicking the habit could save on average £6044 on combined critical illness and life cover, or up to £1,685 on a single life insurance policy. With the average cost of a packet of 20 cigarettes at £6.13, a smoker could save themselves around £1508 per year if they make the decision to go smoke-free.
One in five women one in three men are now ex-smokers, and two thirds of current smokers would like to give up altogether.
Emma Walker at moneysupermarket.com says, "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. There are real savings to be made by kicking the habit and shopping around for the best insurance deal to suit your circumstances. In order 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 if a person finds they are unable to work due to serious illness. With considerable savings to be made, smokers will hopefully find the willpower to permanently kick the habit, benefiting their health and their wallets."
moneysupermarket.com has the following tips when looking for protection:
Don't always be lured by the lowest premium or incentives, look at policy coverage and extras within the cover to make sure you are getting the best value for money and the best coverage
Make sure your answers are correct and give all of your relevant personal information and medical history, or a subsequent claim might be rejected
Always review cover at life-changing events such as a change of job, having children, a change in marital status, increased debt or moving house
When replacing a policy, always seek advice and compare like for like, as the premium may be cheaper but the coverage might not be as comprehensive. Never cancel anything until the new cover is in place
If the premium is too big for your budget, consider getting some initial critical illness cover that you can add to later
Life insurance: News update: 3 March 2010