Experts at Royal London, who recently rebranded from Caledonian Life to the name of their parent company, are reminding those smokers whose New Year’s resolution it is to kick the habit in 2015, that there are additional money saving benefits which they may not have thought about.
The Protection specialists say that smokers can pay more than double that of non-smokers for the cost of their Life assurance and Mortgage Protection policies.
Michelle Murphy, Royal London representative in Offaly explains, “For thousands of people across the country their New Year’s Resolution will be to try to quit smoking. For those lucky enough to have ‘stuck to their guns’ and still be ‘off’ cigarettes this time next year, it could mean savings not just on the direct costs of smoking, but also on the cost of their monthly Life assurance premiums. Latest figures from cancer.ie reveal that approx. 19% of the Irish population (people over the age of 15) are smokers – this equates to 11,159 people in Offaly alone. These savings are just another to add to the long list of incentives to stop smoking.”
Experts at Royal London say that if you gave up smoking over 12 months ago or more, and are now considering putting Life cover in place, there is good news in that non-smokers pay less than smokers for Life cover.
Michelle went on to say, “Our cost analysis reveals that smokers can pay thousands more than non-smokers for the same Life policy – so aside from the obvious health benefits of not smoking there are quite clear financial gains”. Royal London say that for people to be classed as a non-smoker they must not have used any tobacco products, including nicotine replacement products such as patches or chewing gum, in the last 12 months and have no intention to do so in the future. In rare cases a person may be asked to complete a cotinine test (Smoker test). A cotinine test is a simple test to screen for tobacco use by testing a sample of saliva or urine.
If you have cover in place as a smoker and if you have not smoked for 12 months, you can also look to switch to another provider, to get non-smoker rates.
“January is a time when we’re all looking to make savings and your Life cover should be no different. Your local Financial Broker will have access to a wide range of companies’ products and will be able to help your source the best product at the best prices to meet your individual needs,” concluded Michelle.
According to stats from Cancer.ie, t costs us €1 billion per year to provide health services for smokers while smokers lose an average of 10-15 years from their life expectancy.