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LifeSearch Blog

The Life Insurance Market

Friday, February 15

Put Out The Smoke @ 05:49 PM

If you’re a smoker you’re paying more for life insurance. If you’re a female and a smoker you’re paying even more for life insurance. Whether you smoke 1 cigarette or 10 a day, all insurance companies will class you as a smoker.
A life insurance policy for a non-smoking female aged 34, £200,000 of cover over 25 years costs £12.30 per month, in comparison a female smoker, same age and sum assured would pay £22.54 per month. It is a substantial increase. Is this fair? Well the insurance companies would argue, yes as a smoker is a higher risk for them due to the high number of smoking related illnesses.

March 8th is officially non-smoking day, quit and save yourself some money on all your life insurance policies, with the added benefit of a healthier bank balance and lifestyle.

To be classed as a non-smoker for life insurance you must not have smoked for a minimum of 12 months! Can you do it? -- 2 comments: View - Post your own comment

Posted by Nicola Sibthorpe @ 01:49 PM, April 25

Thank you so much for making me aware how important it is I make sure I tell the insurance companies that I am a smoker - I wasnt aware when I started shopping around this was so important as I have smoked in last 12 months but only socially every now and then. It sends the messade home about how costly the habit can be and will make me think twice as hard to give up.

Posted by Colin Stewart @ 12:41 PM, April 24

I agree totally with this, as a smoker with a life assurance policy protecting my mortgage I am paying an arm and a leg for my policy and realise I can be saving a fortune to spend on my 5 children.

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