Give up smoking and save on life insurance

Thu, 05 Mar 2009

As No Smoking Day approaches on March 11, smokers have the chance to kick the habit and save themselves money on their insurance in the process.

Insurance companies view ex-smokers to be ‘non-smokers' a year after they have given up. By being classed as a non-smoker, the premiums for policies such as life cover and critical illness cover (CIC) can become around 50 per cent less expensive so that people will save money even if their policy has been operational for many years

By giving up cigarettes for 12 months, a person is classified as a non-smoker. At that point, by speaking to an adviser from an insurance company, it may be possible to get a new policy at a cheaper premium. However, a cheaper premium also depends on age and health .

Matt Morris, Senior Policy Adviser at ASDA Life, said: "It is important to have a new policy in place before cancelling your existing one, as your new policy could turn up some nasty surprises in underwriting and may even be declined if your health has changed."
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