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Don’t let your health and finances go up in smoke!
The health benefits of giving up smoking are clear but it could radically improve your finances too. With the effects of the credit crunch still impacting most of us smoking will also cost you more in life, critical illness and private medical insurance policy premiums.
For example, for a 25-year-old man in good health, £100,000 of cover costs between just £5 and £7 per month; roughly the cost of 20 cigarettes. However, a man who smokes could pay as much as £10 or £12 per month – that’s on average 62% more.
A packet of 20 cigarettes currently costs £6.13, so quitting will give a 30-a-day smoker an extra £64.33 a week (at a cost of £9.19 a day).
| One day | £9.19 | ticket to the cinema |
| One week | £64.33 | month’s membership at the gym |
| One month | £257.32 | ticket to a summer festival |
| Three months | £771.96 | new laptop |
| Six months | £1,543.92 | annual season ticket at Wembley |
| One year | £3,356.18 | luxury family holiday |
Remember that there are savings to be had if you’re trying to give up or have quit already. If you do smoke and are trying to give up, there are some insurers that will lower your premiums if you wear a nicotine patch.
| Provider | Product name | Typical rate for male aged 25, £100k cover 25yrs | Typical rate for female aged 25, £100k cover 25yrs |
| HSBC Life (UK) | Fixed Term Life Cover | £12.93 | £10.38 |
| Police Mutual | Life Cover | £5.85 | £4.64 |
| Scottish Provident | Self Assurance | £6.70 | £5.96 |
Further good news is that some insurers will reduce your premiums after you have set up your insurance if you subsequently stop smoking.
| Provider | Product name | Reduction | Saving over policy term | Defaqto Star Rating |
| Axa | Protection account | £2.94 | £882 | 5 Star Rated |
| Bright Grey | Lifestyle protection | £3.13 | £939 | 5 Star Rated |
| Bupa | Life cover | £3.19 | £957 | 5 Star Rated |
| Fortis Life | Your Life Cover | £3.47 | £1,041 | 5 Star Rated |
| HSBC Life | Fixed Term Life | £5.75 | £1,725 | 2 Star Rated |
| Legal and General | Term Assurance | £2.21 | £663 | 4 Star Rated |
| LV= | Flexible protection plan | £3.45 | £1,035 | 5 Star Rated |
| Aegon Scottish Equitable | Personal protection | £2.68 | £804 | 4 Star Rated |
Remember that quitting smoking reduces the risk of life threatening illness such as cancer and heart attacks and can help you protect your family by allowing you to purchase more affordable life, health and critical illness insurance with the money saved.
If the figures have convinced you to take action then a good first step is to order your free quit kit from the NHS which includes support and advice.
Top 5 top tips for quitting
Make a date and stick to it: It makes sense to stop smoking on No Smoking Day as you know that so many others are trying to quit at the same time.
Out of sight out of mind: Go through the house and the car and throw away your cigarettes, lighters and ashtrays.
Get support: Tell your friends and family that you are quitting so that they can support you, and more importantly not tempt you!
Reward yourself: Why not treat yourself with some of the money you have saved from stopping smoking with some of our ideas above. Put the money you would have spent on smoking into a separate savings account.
Avoid temptation: If you know that you normally like to light up with a drink then try and avoid the pub for at least the first week that you quit smoking.
