Now Could be a good time to review Your Life Insurance.
Congratulations if you made a New Years Resolution to quit smoking in January 2016. If you haven’t smoked for at least 12 months then you may be considered a non-smoker and will certainly get better rates for life insurance. The decision to quit smoking can help you make significant savings on your life insurance in the long run.
While quitting would save the average smoker approximately £2,000 annually as a result of no longer purchasing cigarettes, permanently quitting could lead to even more savings.
Life Insurance customers who smoke pay on average 90%-100% more than non-smokers for cover. However, with the majority of insurers an ex-smoker will be classified as a non-smoker if they have maintained a tobacco-free lifestyle for a period of at least 12 months.
If you use an e-cigarette and have been tobacco-free for at east 12 months you will still be considered as a non-smoker by some life insurance companies. However, even if an ex-smoker is in the process of quitting, lying about their past tobacco use may have a negative impact on their policy.
So if you have managed to stay tobacco free for 12 month then well done. Please give us a call to discuss your life insurance and we can review your cover immediately.