People who quit smoking receive life insurance savings, research shows

Tue, 30 Jan 2007

People looking for a cheap life insurance quote have been alerted to a report that suggests those who have quit smoking could save up to 48 per cent on their life insurance premiums.

According to research from financial services provider Sainsbury's Bank, a total of 740,000 people stopped smoking after making a new year's resolution in 2006.

This means that they have now been free of cigarettes for 12 months - making them eligible for consideration as a non-smoker in the eyes of a number of life insurance brokers.

And the banking organisation suggests that being classed as a non-smoker can lead to monthly savings on a life insurance premium of between 18 and 48 per cent, depending upon the age and gender of the policyholder.

Claire Moyles, life insurance manager at the financial services provider, explained that being classed as a non-smoker could help people find a cheap life insurance quote.

"If you gave up smoking last new year and haven't yet taken out life insurance, now is the time to shop around for a good deal on a new policy," she said.

"If you haven't smoked for 12 months then you will qualify as a non-smoker."

From July 1st 2007, it will be illegal to smoke in all public places in England, in news that could encourage many smokers to quit.

The new law follows similar bans that have already come into force in Ireland and Scotland.

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