Once a smoker reach at the age of 40, they're expected to pay double for their monthly insurance cover.
Giving up smoking during Stoptober won't just be better for your health, it will be good for your wealth too.
Kicking the habit will save thousands of pounds each year in ciggie costs and could chop thousands off the cost of life insurance.
A pack of cigarettes costs around £9.60 - that's £3,494.40 a year for a 20-a-day smoker. And there's now the risk of a 50% price hike to £15 by 2020.
That would mean it will cost a staggering £5,460 a year to keep up the habit.
Research from Gocompare shows a 30-year-old who doesn't smoke would pay life insurance premiums of £8.44 per month - £2,532 over a 25 year life insurance term. A smoker would pay £14.63, a hefty £4,389 over the term.
Matt Saunders, from Gocompare.com, said: "If you've used tobacco or nicotine replacement products in the last 12 months, and that includes e-cigarettes and vaping, you'll be considered a smoker.
"Life insurance can be one of the most important investments you can make for your family's future. A cheap policy may not be what your want, there are ways, such as getting healthy, that cut the cost without compromising on the level of cover. "
The average 20-year-old non-smoker can expect to pay a reasonable £5.64 for life insurance, however, smokers will be charged a much higher £8.10 on average, according to Go Compare .
At 25-years, a smoker will pay £10.24, compared to £6.87 a month - that's just under £36 a year.
As age increases, so does the price - and a 30-year old smoker can expect to pay £14.63 a month - compared to a non-smoking average of £8.44
The largest gap comes after 34, with a non-smoking 35-year old paying £11.24, compared to £20.98, and £34.19 at the age of 40, instead of £16.04.
0 comments: