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26 Dec 2024
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Non-smokers have better critical illness insurance premiums

Cash savings can be made on life insurance premiums as well as critical illness cover by simply resisting the urge to light up that cigarette, according to a personal finance website.

It is now more than a year since the smoking ban was introduced and those that said goodbye to their habits at the time could have saved £8,500 by now, research from moneysupermarket.com has shown.

The website has revealed that apart from the possibility of having saved £2,740 from not buying cigarettes, there are savings that could have been made on critical illness insurance premiums too.

A 30-year-old male smoker with a critical illness cover of £100,000 would be set back £44.60 a month compared to just £25.70 for a non-smoker with insurer Legal and General over the next 25 years, which is a saving of £18.90 or £5,670 over the full term.

Concurrently, a non-smoking female with LV= would part with £5,346 less than her smoking counterpart, the research showed.

"The potential difference in the cost of protection premiums is vast," said head of protection Emma Walker, who added that people will, however, need to be a non smoker for a year before they can qualify.

The ban was introduced in July 2007.

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Non-smokers have better critical illness insurance premiums