Millions of ex-smokers may be paying too much for life insurance

Around 6.5 million UK life insurance policy holders may have quit smoking more than 12 months ago and not used nicotine replacement products in the last year, according to new research conducted by Sainsburys Life Insurance .

People in this group could be eligible to be classed as ‘non-smokers’ for their life insurance, however 51 per cent of them, which is around 3.3 million people, could be paying more than necessary because they haven’t told their insurer that they’ve kicked the habit.

Lucy Hunter, Sainsbury’s Life Insurance Manager, said: “A huge number of people have quit smoking over the past few years and the health benefits of not smoking are now very well-known, but the financial gains are often underestimated. Apart from the obvious savings you can make from not buying cigarettes, your life insurance premium could decrease as you are demonstrating that you’ve made efforts towards living a healthier lifestyle.”

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