The Money Stop

With annual non-smoking day arriving in March, consumers give themselves an opportunity to kick their habit and make savings on their life insurance, claim financial experts.

According to Lifesearch, premiums for life insurance and critical illness cover can be reduced by as much as 50 per cent if a person does not smoke.

Matt Morris, policy adviser at Lifesearch, said that ‘do you smoke?’ is one of the first questions that an insurer will ask a potential new client, and that a non-smoker has to be someone who has quit their habit for 12 months.

“A cheaper premium is not certain, as it also depends on age and health, but there is a very good chance that the premium will fall,” he said.

The research showed that a 30-year-old non smoker could save up to £1,850 over a term.

Meanwhile, the company said that the value mothers bring to a family is often under-appreciated and they should be looking into protecting themselves and their finances with insurance cover.

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