Smokers face double the life insurance premium
May 2, 2008 by admin
Filed under News, News-Insurance
Smokers may be faced with life insurance premiums that are twice as high as those for non-smokers, says an expert.
In particular, older people who smoke can expect a large reduction in the price of their life insurance if they quit, according to Life Direct.
Kieran Platt, director of the insurance information provider, said: “If you smoke it can double your premium quite easily. Smoking massively affects life cover premiums and that affects our lifestyle.”
A survey by Norwich Union from March 2008 found that 37 per cent of people without life insurance said that they either had not considered it or were intending to buy it eventually.
Ten per cent of respondents said they had no dependents and therefore felt no need for insurance, while as many as 44 per cent decided to buy cover after they bought their first home.
Mr Platt also said that taking part in clinical trials may impact the cost of life insurance, particularly if they are for an untested drug as companies are unlikely to be willing to pay insurance in that situation.
