Smokers may pay up to £16,000 more in life insurance premiums

The insurer stated that non-smokers could be eligible for lower rate premiums if they have not smoked tobacco, or used any nicotine replacement products including e-cigarettes, for 12 months. According to Royal London research, a smoker aged 50 would pay nearly triple every month what a non-smoker of the same age would have to pay for the same sum assure - £29.13 compared to £82.48, based on level single life cover, over a 25-year term for £150,000 sum assured. In the example, savings can amount to £16,005 over a 25-year term, while savings for those aged 30 and 40 total £1,788 and 5,...