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Give up to save on cover, smokers advised

People who smoke can make huge savings by giving up the habit, moneysupermarket.com advised yesterday.

According to the price comparison site, as much as £2,000 can be freed up from life insurance premiums alone by giving up cigarettes.

Smokers are also facing crippling price increases on tobacco - another major financial drain associated with the habit.

Giving up, therefore, will leave a significant piece of monthly income that can be more productively spent elsewhere - such as for loans and credit card repayments.

Louise Cuming, head of protection at moneysupermarket.com advised: "In order to be classed as a 'non-smoker' and qualify for life insurance premium savings, insurers insist smokers have kicked the habit for a full year.

"The difference in premiums between a smoker and a non-smoker is vast and there are significant additional savings to be made simply by shopping around for the best deal to suit your circumstances."

Figures for the survey were calculated on the basis that the life insurance customer would be a 35-year-old male looking for £100,000 of cover over 25 years.

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