News
Quitting smoking could mean life insurance costs next to nothing
Two thirds (65%) of British cigarette smokers say they want to give up this No Smoking Day (Wednesday 10 March).
Aviva advises that by giving up not only can people improve their health, but also see a significant reduction in their life insurance premiums.
Its data shows that the number of smokers has decreased in the last year. But, one in seven (15%) Aviva customers are still smoking, meaning they pay more for their life insurance premiums than non-smokers.
Not only does quitting smoking reduce the risk of life threatening illness such as cancer and heart attacks, but by quitting smoking, they may be able to help protect their family by purchasing life insurance with some of the money they save, meaning they can achieve peace of mind, at no extra cost.
It’s not only the people who have never touched a cigarette who benefit from reduced life insurance premiums. Anyone who quits smoking for a year is classed as a non-smoker and will receive the same lower premiums. (see table below).
Louise Colley, head of protection for Aviva, said: “It’s encouraging to see our statistics showing people are giving up. Smoking is a danger to people’s health, that’s why it costs less for non-smokers to buy life insurance and critical illness policies. Life insurance companies offer the opportunity for financial security and peace of mind financially for loved ones, but it’s doesn’t protect customers health, quitting smoking is a crucial step for people to protect themselves”.
| Customer details | Monthly premium – non smoker(s) | Monthly premium – smoker(s) | Annual difference for non smoker(s) |
| Female, 35 next birthday. 15 year level term assurance without critical illness (CI) cover. Sum assured £75,000. | £5.67 | £9.05 | £40.56 |
| Male, 25 next birthday. 30 year level term with reviewable CI cover. Sum assured £125,000. | £23.87 | £36.50 | £151.56 |
| Joint policy - male and female both 30 next birthday. 25 year level term without CI cover. Sum assured £150,000. | £12.95 | £21.80 | £106.20 |
| Male, 45 next birthday. 10 year level term assurance without reviewable CI. Sum assured £50,000. | £28.70 | £51.75 | £276.60 |
