People who give up smoking can save more than just the cost of cigarettes or other tobacco products as their life insurance premiums could be cheaper now too. They could be eligible for non-smoker premium rates if they have not smoked tobacco or used any nicotine replacement products including e-cigarettes for 12 months.
No Smoking Day falls on Wednesday 14 March this year. Here are examples of the premium differences between smoker and non-smoker rates - premiums are based on level single life cover, £150,000 sum assured:
|Age||Term (years)||Monthly premium non-smoker||Monthly premium smoker||Savings over 25 year term for non-smoker|
A smoker aged 30 would pay £29.47 per month which is more than the £23.90 a 50 year old non-smoker would have to pay for the same sum assured. This highlights how it could pay to quit the habit.
According to the ONS in 2016 26% of the population were ex-smokers. Around 16% or 7.6 million adults in the UK are smokers, smoking on average up to 12 cigarettes per day.
Craig Paterson, Underwriting and Claims Philosophy Manager at Royal London said:
"Giving up smoking is the most sensible thing a smoker should try to do, as it is well documented that smoking is a key contributor to heart attacks, strokes and a variety of cancers. When you stop smoking you will not only notice an improvement in your health, you will also save the money you would have spent on your daily nicotine fix. The good news is after a year smoke free you could save money on the cost of life insurance too.
If you’re thinking about giving up on No Smoking Day this year you don’t need to go it alone as free support is available from the NHS stop smoking service. The benefits of giving up are worth it in the long run both in terms of your health and your wealth."
Statistics from Public Health England show the real health risks smoking poses:
- Every minute someone is admitted to hospital due to smoking.
- Every year in England about 79,000 deaths are attributable to smoking.
- ENDS -
For further information please contact:
Lorna Wiltshire, Corporate PR Manager
- Email: Lorna.Wiltshire@royallondon.com
- Tel: 07919 170 488
Notes to editors
- UK smoking statistics source:
- Public Health England publishes independent expert e-cigarettes evidence review:
- Stop Smoking tips:
NHS Stop Smoking Service:
About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.