December 14, 2010
Life Insurance Rocketing Up for Smokers
Life Insurance Rocketing Up for Smokers
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Home Page > Finance > Insurance > Life Insurance Rocketing Up for Smokers
Life Insurance Rocketing Up for Smokers
Posted: May 22, 2008 |Comments: 0
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Smokers may be paying as much as £2,000 more in life insurance premiums than non-smokers, according to price comparison website moneysupermarket.com. Following on from last yearâs public smoking ban this is another area in which smokers are being specifically targeted. Premiums for non-smokers have slowly fallen in the last few years whereas those for smokers have risen sharply, some estimates claim that smoking policy holders are paying up to 100% more than their non-smoking counterparts.
The same is true of critical illness cover, which pays out a lump sum in the event of the policy-holder contracting a serious illness or injury. Smokers are seen as much more of a risk to insurers as the number of medical conditions that they could develop is far greater than that of a non-smoker.
According to Michael Challiner, editor of Express Life Insurance, this dramatic disparity is due to the increased competition between lenders brought about by the advent of the Internet: âIt is now so easy to reach a decision that a âprice warâ has developed and some very competitive quotations are available. This competition has however had an inevitable effect in that insurance companies have had to tighten up their procedures or risk losing money on the narrower margins. So they have hit the obvious target â smokers.â
Moneysupermarket.com have estimated that a thirty five year old male smoker could save 44% on his premiums if he quit the habit, paying only £9.91 per month over a twenty five year period as opposed to the £17.68 he would currently be paying.
However, Louise Cuming, a spokesperson for the website, has warned that the financial benefits of giving up smoking could be some time coming. Because of the highly addictive nature of cigarettes telling your insurer that you havenât had a fag for a couple of days will not be convincing enough for them to lower your premiums. Most insurers require their clients to prove that they have been a non-smoker for a whole year before agreeing to a reduction in premiums. When this reduction comes, however, it could be as much as 60%.
Combined with ever-escalating cigarette prices this news could be the incentive that many smokers need to quit the habit. There are also more policies springing up which encourage and reward positive lifestyle changes. PruProtect is the first to link the cost of premiums to advances in the holderâs health. Speaking on last monthâs National No Smoking Day, Sammy Rubin, CEO, PruProtect, said: âNational No Smoking Day is a time when smokers will be thinking about the true cost of their habit, financially and physically. At PruProtect we support both, and offer those wanting to quit not only a financial incentive by saving money on premiums, but encourage people to lead a healthier life style through our Vitality points scheme. To help those finding it tough to quit, we also offer heavily discounted entry to Alan Carr’s Easy Way smoking cessation courses.â
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Mark is an author of several articles pertaining to Life Insurance. He is known for his expertise on the subject and on other Business and Finance related articles.
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Mark is an author of several articles pertaining to Life Insurance. He is known for his expertise on the subject and on other Business and Finance related articles.
No Smoking Day – 11th March 2009 Patches, gum, microtabs, lozenges, inhalers, nasal sprays and even hypnosis. There are loads of ways to help you quit smoking – but do any of them really work any better than old fashioned cold turkey? It’s national No Smoking Day again, a day when a quarter of the UK population – that’s 12 million smokers – are encouraged to kick their habit. In fact, every year more than a million people quit smoking on No Smoking Day. The campaign will also highlight the benefits of stopping smoking and how to get help. Community pharmacist and Royal Pharmaceutical Spokesperson – Lindsey Gilpin will be giving advice to the millions of smokers who want to quit, explaining some of the quitting aids available to help, and revealing why smoking is such a hard habit to break. For more information or to book an interview contact annette.harada@tvcgroup.com or call 0207 535 5800 Distributed by Tubemogul.
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