Friday February 29, 10:27 AM
Quitting smoking can save thousands
By Barney McCarthy
The annual no-smoking day on 12 March will give smokers the opportunity to kick the habit and save themselves thousands of pounds on their insurance in the meantime, according to Lifesearch.
Insurance companies consider ex-smokers to be non-smokers
a year after they have given up. Being classed as a non-smoker means that, for many types of policy such as life cover and critical illness cover, premiums can become around 50% less expensive, so many people could still save money even if their policy has been in force for many years.
Matt Morris, policy adviser at Lifesearch, said: Whether you smoke is one of the first questions that an insurer will ask a new client, as a smoker will pay considerably higher premiums than a non-smoker.
To be classified as a non-smoker by an insurance company you must have quit smoking for at least 12 months. At that point, you should speak to an adviser to see if they can rebroke a new policy for you at a cheaper premium. A cheaper premium is not certain, as it also depends on age and health, but there is a very good chance that the premium will fall.
The smoking ban in all enclosed public places - such as offices, factories, pubs and restaurants - came into force across the whole of the UK between April and July 2007.
Research showed that New York (2003), Ireland (2004) and Scotland (2006) experienced a fall in the number of smokers after a ban on smoking in public places was introduced.
The smoking ban came into force last year across the UK on 2 April in Wales, 30 April in Northern Ireland and 1 July in England. A smoking ban in Scotland came into force on 26 March 2006.
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