Smoking Has A Big Influence On Life Insurance Premiums

Category: Finance, Insurance.

Now the smoking ban is firmly in place in England, Scotland and Wales it seems that higher numbers of people are starting to quit the habit. In fact smokers on average pay 60% more for their this type of insurance than non- smokers.

Smoking has a big influence on life insurance premiums. That is fair and reasonable you might think with the all the medical evidence advising that smoking can seriously damage your health. It is not that well publicised but insurance companies normally class people as non smokers once they have given up on all tobacco products for a period of twelve months. However the question many smokers may ask is what happens if I quit? Insurance companies consider tobacco products to be cigarettes, chewing tobacco, rolling tobacco, snuff, Gutka and tobacco, Swedish Snus water. This means that both you and your policy provider accept that the other is working in good faith without having to sift through the small print on your policy.

It is important to be clear with your policy provider as life insurance is undertaken with a legal description of utmost good faith . So let s consider this, life insurance is something you take out for peace of mind and then file away somewhere in the hope it will never be needed, so it not difficult to imagine there are numerous ex smokers out there who have done just that and are consequently paying smoker rates for their policy when in fairness to them and their respective insurer, they should be paying less on non smoker terms. Contact you policy provider and explain your change in circumstances. So if you are one of those people that have quit smoking over twelve months ago it is well worth looking at the cost of your existing life insurance to see if you have an opportunity to save some money. Get a revised quotation on non smoker terms to see if you can take advantage of the lower premiums available on non smoker terms. The cost of Life insurance can vary greatly between different providers so it is therefore well worth shopping around to compare prices to get the best deal. There are many methods to obtain a life insurance quotation, you can employ the services of an Independent Financial Adviser, use your high Street bank or Building Society or you can get a quote on line via the Internet.

There are many websites that offer a comparison service that can make your search for the right policy quick and easy. If you are thinking of ever replacing an existing policy always make sure the new policy is accepted by the new insurer and the policy is fully in force before cancelling an existing plan.

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