Give up smoking and save a fortune on life insurance
On March 12th it is national no-smoking day so what better time quit smoking? It’s not just the cost of cigarettes that you could be saving on, new research from Prudential http://www.prudential.co.uk says you could save more than £12,500 on life insurance and illness insurance.
That is quite a reasonable sum of money, so how is that amount calculated?
Prudential say that stopping smoking will save you up to 50 per cent on the cost of your life insurance policy. The calculation is based on the difference between a Pru Protect non-smokers policy and a smokers policy. A make smoker aged 40 would pay £107.54 per month for £100,000 of life and serious illness cover for 25 years. If the same male wanted the same cover and was a non-smoker it would cost them just £65.65 per month saving them a staggering £12,567.00 over the 25 year policy term. These prices are all based on the Prudential http://www.pruprotect.co.uk as of 03rd March 2008.
Of course you’ll need to add another £2,000 saving per year because you won’t be buying cigarettes so there’s up to another £50,000 you could save by quitting smoking for 25 years; or preferably the rest of your life!
PruProtect CEO, Sammy Rubin, said: “national no smoking day is a time when smokers will be thinking about the true cost of their habit, financially and physically. At PruProtect we support both, and offer those wanting to quit not only a financial incentive by saving money on premiums, but encourage people to lead a healthier life style through our Vitality points scheme. To help those finding it tough to quit, we also offer heavily discounted entry to Alan Carr’s Easy Way smoking cessation courses.”
With the budget looming it always smokers, alcohol drinkers and motorists that end up paying more tax. The worrying thing about Prudentials research was that 6 per cent of smokers would not be put off even if 1 cigarette cost £1.00! I’m an ex-smoker but I’m afraid I’d have to draw the line somewhere and £1.00 for a cigarette seems rather steep to me!