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After the age of 40 smokers can expect to pay DOUBLE for life insurance, according to new research.
Whether it's to help improve your health or your bank balance, giving up smoking is up there with one of the best things you can do. As well as the obvious health benefits of giving up smoking, kicking the habit will save you thousands of pounds a year as well as dramatically reduce the cost of life insurance premiums.
The average pack of cigarettes costs about £9.60 at the minute, so 20-a-day smokers are currently paying £3,494.40 a year - which is expected to go up by as much as 50% in the next three years meaning the yearly spend on cigarettes could be as high as £5,460.
But on top of the price of cigarettes, smoking can also cost you when it comes to getting life insurance. New research by GoCompare has found that a 30-year-old non-smoker can expect an average life insurance premium cost of £8.44 per month - or £2,532 in total over a 25 year life insurance term. In comparison, a smoker can expect to pay £14.63 per month which amounts to a total of £4,389 over the full term - almost double what a non-smoker would pay.
Announcing the results of their research, GoCompare's Matt Saunders 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. "
According to the research, the average 20-year-old non-smoker will pay roughly £5.64 per month for life insurance, whereas smokers would have to pay the much higher price of £8.10 per month.
For a 25-year-old the 'non-smoker price' is £6.87 against £10.24 for smokers.
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.