Smokers could 'radically' reduce the cost of combined life and critical illness (CI) cover if they kicked the habit, new research has found.
The research from Moneysupermarket.com, which was carried out in anticipation of smoking cessation campaign Stoptober, used an example of a 30 year old wanting £150,000 worth of cover over 25 years to compare rates.
Such a customer could save up to £6,207 with Scottish Provident over the term of its CI policy, or £20.69 per month, if they made the decision to go smoke free.
Non-smokers can also make considerable savings on single life cover - up to £1,779 with Aviva on a single life insurance policy over the term.
Emma Walker, head of protection at MoneySuperMarket said: "Smokers should stop and think about their health this month and embrace the Stoptober campaign. Not only will kicking the habit result in a healthier body but not paying for cigarettes or smoking related paraphernalia will mean they'd be wealthier too.
"With further savings to be made on the cost of life and critical illness cover by being a non-smoker it really does add up to kick the habit.
"Those turning to a smoke free life should shop around for the best protection insurance option for their circumstances. CI cover could prove vital if a person is seriously ill and left unable to work, with money tight for many households, having that cover in place could make a real difference when supporting a family with reduced wages or no income at all.
"It's important to remember that insurers will insist smokers have kicked the habit for a full year in order to be classed as a ‘non-smoker', so if someone quits during ‘Stoptober' they have to be in it for the long haul to qualify for reduced life insurance rates."
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Thursday 12 March
COVER Podcast #3
There are still over one billion smokers worldwide