Smokers who want to save on their life insurance premiums would be well advised to kick the habit, one expert has claimed.
Sarah Horner, spokesperson for Norwich Union, explained that anyone who cuts out the cigarettes could see a dramatic fall in their premiums.
She said: "For certain people, a non-smoker can pay around half the premium as their smoker counterpart."
Horner added: "It's perhaps unlikely life insurance savings will be the only reason to quit, but they can certainly be an added incentive."
She also said that people have to give up smoking for at least 12 months to be considered as non-smokers for insurance purposes.
This could lead to a rise in the number of people requesting quotes for their policies as non-smokers in July, one year after the introduction of the smoking ban, Horner concluded.
According to recent research conducted by Benenden Healthcare, around 14 per cent of smokers nationwide (1.64 million) have given up smoking since July 2007.
Sarah Horner, spokesperson for Norwich Union, explained that anyone who cuts out the cigarettes could see a dramatic fall in their premiums.
She said: "For certain people, a non-smoker can pay around half the premium as their smoker counterpart."
Horner added: "It's perhaps unlikely life insurance savings will be the only reason to quit, but they can certainly be an added incentive."
She also said that people have to give up smoking for at least 12 months to be considered as non-smokers for insurance purposes.
This could lead to a rise in the number of people requesting quotes for their policies as non-smokers in July, one year after the introduction of the smoking ban, Horner concluded.
According to recent research conducted by Benenden Healthcare, around 14 per cent of smokers nationwide (1.64 million) have given up smoking since July 2007.
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