According to new research from Sainsbury’s Bank, 4.21 million people have become ex-smokers over the past three years. Almost three-quarters of a million claim to have managed to stick to a New Year’s resolution made at the beginning of 2006 to kick the habit.
Sainsbury’s Bank is urging non-smokers to be steadfast as remaining permanently smoke-free could save them up to 48% when applying for a new life insurance policy.
Anybody giving up this year will be able benefit from cheaper premiums next year. To be considered a non-smoker for Sainsbury’s Bank life insurance you must not have smoked for a minimum period of 12 months.
For eight typical people from different age groups, depending on whether they smoke or not, the monthly difference in their life insurance premiums can vary between 18% and 48%.
Claire Moyles, life insurance manager, Sainsbury’s Bank says: “With many making New Year’s resolutions to give up smoking, the health benefits of not smoking are well known but the financial gains are often underestimated. There is obviously the near £6 per-packet saving from not buying cigarettes, but your life insurance premiums could also be significantly lower because of your healthier lifestyle. If you gave up smoking last New Year and haven’t yet taken out life insurance, now is the time to shop around for a good deal on a policy. If you haven’t smoked for 12 months then you will qualify as a non-smoker. Our research shows that when the ban on smoking in public places is introduced into England and Wales later this year, 1.44million people plan to give up smoking."
Life Cover through Sainsbury’s Bank (Level Term Assurance and Mortgage Decreasing Term Assurance) is provided by Legal & General Assurance