Tuesday March 4, 10:19 AM
Smokers pay twice as much for life insurance
By Kate O'Raghallaigh
Smokers could save £2,000 on their life insurance premiums by giving up cigarettes, according to price comparison site Moneysupermarket.
Research from the website found that life insurance premiums for non-smokers are nearly half the price
of those for smokers. Life insurance (LINS.PK - news) cover of £100,000 for a 35 year-old male smoker, taken out over 25 years, would cost £17.68 a month with Scottish Provident. For a non-smoking man, the premium would be £9.91 a month a saving of 44% or £2,331, according to Moneysupermarket.
Louise Cuming, head of protection at Moneysupermarket, said: 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. The difference in premiums between a smoker and a non-smoker is vast and there are significant additional savings to be made simply by shopping around for the best deal to suit your circumstances.
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