People who give up smoking can save more than just the cost of cigarettes or other tobacco products as they could save up to thousands of pounds from their life insurance premiums.
Non-smokers could be eligible for lower rate premiums if they have not smoked tobacco or used any nicotine replacement products including e-cigarettes for 12 months.
No Smoking Day falls on Wednesday 11 March this year. Here are examples of the premium differences between smoker and non-smoker rates. Premiums are based on level single life cover, over a 25 year term for £150,000 sum assured:
|Age||Term (years)||Monthly premium non-smoker||Monthly premium smoker||Savings over 25 year term for non-smoker|
Notes to editors
- Quotes for life insurance premiums are based on level single life cover over a 25 year term for £150,000 sum assured.
- ONS statistics on Adult smoking habits in the UK: 2018 can be found here: https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandlifeexpectancies/bulletins/adultsmokinghabitsingreatbritain/2018
For further information please contact:
Meera Khanna, Corporate PR Manager - Protection
- Email: Meera.Khanna@royallondon.com
- Tel: 02032 725129
- Mob: 079191 70502
About Royal London:
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.