Ex-smokers are paying too much for life insurance premiums
Thu, 27 Jan 2011
An estimated 3.3 million ex-smokers in the UK are collectively paying £316 million more a year for life insurance premiums than they need to, according to research commissioned by Sainsburys Life Insurance .

The firm which offers life cover says a great number of people could save an average of 46 per cent on their premiums if they inform their insurers that they have quit smoking .

The study found that 6.5 million life insurance holders gave up smoking over 12 months ago and have not used a nicotine replacement product. These people can now be classified as non-smokers, which would reduce the cost of their insurance, however 51 per cent of them have not informed their provider that they have stopped smoking.

Andrew Gray, Sainsbury's Life Insurance Product Manager, said: "A huge number of people have quit smoking over the past few years and the health benefits of not smoking are now very well-known, but the financial gains are often underestimated. Apart from the obvious savings you can make from not buying cigarettes, your life insurance premium could decrease as you are demonstrating that you've made efforts towards living a healthier lifestyle."
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