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LifeSearch: Ditch the smokes and save money

Cutting down on or giving up cigarettes bring major financial benefits for smokers, LifeSearch has pointed out.

As well as freeing up extra cash for credit card and personal loans repayments, life insurance policies also become much cheaper for those quitting the habit.

Figures from LifeSearch show that for life cover or critical illness cover, premiums can be reduced by 50 per cent if the policyholder gives up smoking.

Matt Morris, policy adviser at Lifesearch, said: "'Do you smoke?' is one of the first questions that an insurer will ask a new client, as a smoker will pay considerably higher premiums than a non-smoker.

"To be classified as a non-smoker by an insurance company you must have quit smoking for at least 12 months," he added.

"At that point, you should speak to an adviser to see if they can re-broke a new policy for you at a cheaper premium…there is a very good chance that the premium will fall."

LifeSearch made the comments in the run-up to national no-smoking day, which falls on March 12th.

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