Stop Smoking and Save on your Life Insurance Premiums

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Life Insurance for smokers

Around 9 million adults in the UK smoke cigarettes: 19% of men and 15% of women. Two-thirds of smokers start before the age of 18, according to Action on Smoking and Health. Giving up smoking heightens your chances of living a longer and healthier life, gives you whiter teeth, a clearer complexion, and improves blood circulation; the list of benefits is endless.  

Statistics show that smokers are more likely to claim on their life insurance or critical illness policy as they have a higher risk of dying and/or developing serious medical conditions such as cancer, emphysema, bronchitis and many more. This means that a smoker has to pay a premium that’s near enough double the amount of a non-smoker to receive the same compensation pay-out.

Disclosing your smoking habit to Quick Quote Protect

When you apply for life insurance you will be asked if you are a smoker or not. Providing a truthful answer is vital when you are asked this question as you will get penalised in the long run if your insurer finds out that you do in fact smoke.  

Many are inclined to lie about their smoking habits, but this should be avoided at all costs. Insurance providers often do medical history checks on many of their potential policyholders, just to double check they are not being conned. Also, if you were to fall seriously ill, then your medical records would prove whether or not you are or have been a smoker. In situations such as these, it could result in you not receiving your pay-out on falling seriously ill or passing away, or depending on the amount you have already paid as a ‘non-smoker’, you will only receive a percentage of the pre-determined benefits. This could leave you financially worse off, leaving yourself and/or your loved ones in the lurch with less money to cover any outstanding expenses.

If you do not smoke cigarettes but do use e-cigarettes, there is a high chance that you’ll revert back to smoking, so you would still be considered a smoker.  

In 2016, around 5.6% of people (around 2.9 million) used e-cigarettes in the UK, and approximately 2.6 million people in the UK are thought to use e-cigarettes as a substitute for the real thing, as reported by The Guardian. However, people who ‘vape’ won’t receive lower life insurance/critical illness quotes, as the majority of e-cigs still contain nicotine, and the addictive substance is what makes premiums higher.   

Occasional and heavy smokers

Insurers do not tend to differentiate between those who smoke 13 cigarettes a day and those who smoke socially one night a week. The general consensus of insurers is that you will be deemed a ‘non-smoker’ only if you have given up nicotine altogether for at least a year, but if nicotine is found in your system, your claim may very well be rejected and your policy invalidated. 

It is likely that insurance providers will ask for samples of your blood, urine or saliva, which can all provide evidence of you having nicotine in your system. Failure to provide such necessary information will most likely result in your insurance plan being cancelled.

How to reduce your Life Insurance Premiums

Recent NHS statistics illustrate that approximately 100,000 people die from smoking-related diseases every year in UK hospitals. If you quit smoking you’ll save more than just the cost of cigarettes! Letting go of the bad habit will do wonders for your health and allow you to witness a significant reduction in your life insurance premiums. By not smoking, you give insurers the peace of mind that your risk of developing serious smoking-related health problems is low. As a result, your premiums should decrease each year you spend not smoking.

Compare Life Insurance quotes

Whether you’re looking for whole-of-life or term life insurance, it’s always good to compare life insurance quotes, because price comparisons are what enable you to find the best, most cost-effective life insurance policy. It is important to note that the cheapest option may not always be the most suitable option for you, so getting professional advice from the right people is the right move.

Here at Quick Quote Protect, our advisors offer a range of life insurance policies to cover you if you were to develop any smoking and/or non-smoking related health problems. Contact our team for a free no obligation quote today.    

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