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Recent statistics have shown that many people could now start saving on the cost of their life and their health insurance cover. And this is not because of some special deal that has been put together by insurers in order to encourage consumers to take out this type of cover. It is actually because more and more people have started to kick the smoking habit, and this could make a huge difference to their future premiums on this type of protective insurance cover.
 According to reports an increasing number of people in the UK have decided to quit smoking, with many people having quit as part of this year’s New Year’s resolution. Of course, a percentage of those that gave up for New Year over the past few weeks will slip back into the habit unfortunately, and therefore will not benefit from savings on their cover because previous smokers need to have been smoke free for a period of at least twelve months according to most insurance policies, and after this time the cost of premiums can be reviewed.
Those that manage to stick to the no smoking can start looking forward to far more affordable insurance premiums in a year’s time. According to research carried out by Sainsbury’s Bank around four million UK consumers have quit smoking over the past three years. Smokers are a high risk group for insurance companies offering life and health cover, and therefore premiums for this group are often double that charged on policies held by non-smokers.
Around three quarters of a million consumers state that they have stuck to this year’s resolution to kick the habit, and if they keep it up then 2008 could be a very affordable year when it comes to health and life cover for them.
Tom Smith
31.01.07
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