Life Insurance -
Smokers Told To Save On Life Insurance Premium By Quitting - 19/03/2008
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An expert has called on smokers who want to save on life insurance premium to quit the habit.
Norwich Union’s spokesperson, Sarah Horner said that for anyone who smokes to have their premiums reduced dramatically they need to stop smoking.
For certain people, she said, a non-smoker can pay around half the premium as those who smoke.
She added that although saving on life insurance may not be the only reason for them to quit, it is still an added incentive.
One important thing insurers take into account to classify people as non-smoker is the length of time they give it up, which is usually up to 12 months before the policy takes effect, Horner said.
This, according to her, could lead to a rise in the number of people requesting quotes for their policies as non-smokers in July, a year after the introduction of smoking ban.
At least 1.64 million smokers in the UK have quitted smoking since July 2007, a survey by Benenden Healthcare suggested.
Last year, it also conducted a research shortly before smoking was banned in public and it revealed that about 39 per cent of British smokers were planning dump smoking when the ban was introduced.
The study also showed that those who planned to quit were predominantly young male smokers. And that compared to 30 per cent of women nearly 45 per cent of men wanted to stop.
Smokers pay a higher life insurance premium than non-smokers because of a number of risk factors associated with smoking. They are believed to have a greater risk of dieing younger or earlier than non-smokers.
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