Ex-smokers could save over £5,400 on life cover

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Quitting smoking could cause 'impressive savings' on combined critical illness cover (CIC) and single life cover, Moneysupermarket has said.

The comparison site revealed a 30 year old taking out CIC cover worth £150,000 over 25 years could save £5,421 over the term, or £18.07 per month, if they made the decision to go smoke free.

The research also found that non-smokers could make considerable savings on single life cover - up to £1,548 with LV= on a single life insurance policy over the term.

Additionally, the British Heart Foundation estimated a smoker could save themselves up to £3,000 on the cost of their habit per year if they decide to quit.

Moneysupermarket revealed these figures in anticipation of National No Smoking Day on 12 March 2014.

Emma Walker, head of protection at MoneySuperMarket said: "Smokers can not only reap the health benefits of kicking the habit, but can also reap the financial rewards if they choose to permanently go smoke free. Insurers insist that smokers kick the habit for a full 12 months in order to be classed as a ‘non-smoker' before they qualify from lower insurance premiums.

"However, smokers looking to ditch their habit should use this as motivation that there are savings to be made in the future and should shop around for the best insurance deal to suit their circumstances in the meantime.

"Critical illness cover can especially prove vital if a person is unable to work due to serious illness."

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