Life insurance. Smoke your money up the chimney
Author: Emma Mayo
The costs of smoking are well documented. High blood pressure, heart attacks, lung cancer - smokers know why its such a bad habit. The facts are humbling. 80% of non-smokers can expect to live to over 70, only 50% of smokers can. Also, 50% of smokers will die from a smoking-related disease. These diseases are often long, drawn out and very painful. (pet insurance)
At over £5 for a packet of 20 cigarettes, they are also aware of how much its costing motor insurance quotes them monetarily. But the financial implications stretch further, meaning that smokers have to pay hundreds more for their life insurance.
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Insurance companies classify anyone has who used any tobacco products in the twelve months before making the insurance application as a smoker. Statistics show that people that smoke are more likely to make a claim, so naturally the premiums are higher for smokers - but the margin is surprisingly high. A male 35-year-old smoker will pay 78% more in life insurance car insurance quotations premiums than his non-smoking counterpart. Its not much better for women - a smoker of 35 will pay 72% more. For £100,000 worth of cover over 20 years, thats a difference of over £1,500. Add that to the cost of all those cigarettes at a rate of 20 a day, and thats another £36,400 smoked up the chimney! Smoking certainly is an expensive habit.
Despite the extra cost implications, dont be tempted to save money on life insurance quotes by pretending that you dont smoke. If you do need to make a claim then the insurer mortgages will most likely discover that you were in fact a smoker, and would use that as grounds to reject the claim. It simply isnt worth the risk. (life insurance)
Some insurers have developed loans methods to make sure applicants cannot lie in any case. There is a saliva test that can reveal whether you are a smoker or not - and some insurers ask potential customers to take the test before they will insure them.
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