Thousands of ex-smokers could cash in on life insurance change 8 months ago

Thousands of ex-smokers could cash in on life insurance change

Smokers are said to be paying around twice the amount for life insurance than their non-smoking counterparts.

As we ring in the new year and a new decade, many of us are trying to make positive changes to improve our lifestyles.

Some are more major than others, but a lot of them are based around fitness and health.

For example, giving up smoking.

And although there are countless reasons why this is a good idea, another factor you may not have thought about may be the incentive you need to finally kick the habit.

Smokers are paying approximately twice as much for life insurance than their non-smoking counterparts, according to recent findings from Royal London.

The life insurance providers say that the financial impact can be substantial and have urged ex-smokers to get in touch with a financial broker to see if they can avail of cheaper rates and start the New Year by saving money on their insurance policy.

Colette Houton, Underwriting and Claims Lead at Royal London elaborated on the findings: "Each year thousands of people throughout Ireland aim to give up smoking, with the beginning of the New Year seen by many as the perfect time to jumpstart their health goals.

"Given that tobacco use is the leading cause of preventable death in Ireland each year, with almost 6,000 smokers dying per annum from tobacco related diseases, the health benefits of quitting can’t be understated. But there are also significant financial benefits as well.

"Saving the money previously spent on buying cigarettes might easily spring to mind, but the thousands of Euro in savings that can be made on the cost of life cover might not be so obvious to a lot of people.

"Smokers who have managed to give up for more than 12 months and already have life cover in place can potentially avail of a reduction in the cost of their premiums.

"If you’re an ex-smoker, we recommend that you get in touch with your financial broker to see if you can avail of cheaper rates and start the New Year by saving money on your insurance policy."