Life Insurance Quotations

Summary

Can smoking affect your cheap life insurance premiums as well as your health? It can certainly affect your insurance premiums, as we explain here.

Life insurance - the rates that will get your wallet smoking, too!

 

Author: Catriona Singfield

Everyone has heard of the high risks of smoking. High blood pressure, heart attacks, lung cancer - these are just a few of the conditions associated with an addiction to nicotine. Its a sobering thought that only 50% of smokers will live to be over 70, while 80% of non-smokers will enjoy an old age well past that figure. Add to that the fact that many smoking-related diseases cause great suffering, and the picture becomes very sombre indeed. (home insurance)

Smoking causes financial pain too - at over £5 for a packet of 20, you may as well roll up that fiver and set fire to it. And as if this werent enough, there are longer term, less obvious costs - the hundreds of pounds smokers are charged on life insurance.

The definition used by insurance companies for a smoker includes anyone who has used tobacco products in the last twelve months. According to industry statistics, smoker are more likely to claim on their insurance, so their premiums are correspondingly higher - but the actual amount may be an unpleasant surprise.

By way of example, two smokers aged 35, a man and a woman, can expect to pay 78% and 72% more respectively. Paying for cover worth £100,000 over 20 years, our two nicotine fiends will be charged an extra £1,500 or more. When you factor in the cost of the cigarettes themselves, thats a whopping £36,400 up in ashes! Smoking is certainly a costly way to go .

You might be tempted not to declare yourself as a smoker to avoid the premium hike, but beware! There are ways to check that everything is as it seems, even ways to analyse a clients saliva to check for signs of smoking. You may be asked to take a saliva test before committing to a policy. If you do take one on and you need to claim, the insurer will be very likely to find out - they would then be able to reject your claim, leaving you in the same position as someone who wasnt insured, but having paid money out too. Certainly not a good way to try to save! (car insurance)

However, if a smoker does manage to give up, there is good news ahead. After a twelve-month clearing period, the new non-smoker can benefit from decreased insurance premiums as well. As always, there may be a better deal to be found on the Internet, so shop around and make sure of getting the best deal out there. Without smoking affecting the premiums, some very attractive rates become available.

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Did you Know?
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Did you know?
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Did you Know?
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