« Mobile Phone Theft Increasing Across the UK | Main | A Near Death Experience »
Quit Smoking to Become Healthier, Wealthier and Wiser
By admin | July 13, 2008
Everybody knows that smoking can damage your health, and with the increasing cost of cigarettes, everyone knows it will also damage your wealth, but the financial cost when it comes to taking out life insurance may not be truly understood.
Over 2 months ago the smoking ban came into effect for all public places in Scotland, with similar plans for the rest of the UK, and along with the ban the sales of nicotine patches and gum have rocketed.
A standard life insurance policy through one of the high street insurers such as Barclays insurance reveals that smokers are liable to be paying almost twice as much as an identical non-smoker. For example, a 20 a day male smoker, aged 35 next birthday, taking out ฃ100,000 cover for 20 years would have a premium, after tax relief, of about ฃ7.55 a month. An identical smoker would be required to pay ฃ13.39 per month for the same cover. Searching through most of the UK providers using a insurance comparison site like Moneynet also provides similar results. This represents a massive difference across the life of a full policy,
Due to the higher profile which currently surrounds the subject of smoking, which has occurred recently thanks to the ban, many insurance companies are looking to receive a large number of requests from reformed ex-smokers asking for re-quotes to be carried out on their existing policies. It is important to note however that to be considered as a non-smoker by most insurance companies, ex-smokers need to have refrained from any tobacco products for over 12 months, and will probably be asked to take a simple and completely painless cotinine test.
James Yerkess, the head of Tesco Life Insurance said: “The link between smoking and early death is clear and well documented in life insurer’s claims statistics
Related Posts
- Low Cost Term Life Insurance - Tested Steps That Guarantee Lower Rates
- California Health And Life Insurance - Heres How To Pay Lower Rates
- California Health And Life Insurance - Things That Make You Pay More
- Insuring A Second Home
- Texas Home Insurance Here Are Uncommon Ways To Save
Topics: Insurance |