ASH Wales is celebrating No Smoking Day (Wednesday 9th March) by highlighting a top 10 list of financial incentives to encourage smokers to quit on the Day.
The health benefits of quitting smoking are well known but many people do not realise the financial benefits including cheaper life insurance and home insurance premiums. With householders finding many insurance and utility bills on the increase quitting smoking is one way for smokers to save some much needed cash.
The top 10 financial reasons for taking that first step to quitting are:
1. Smokers pay almost double the premiums of non smokers for life insurance
Life insurance premiums can cost smokers up to twice as much as non smokers according to comparison website Confused.com.
A 41 year old male smoker would pay £49.09 a month compared to £25.05 for a non smoking male for £250,000 of cover over a 25 year term. This equates to a saving of over £7000 over the full term of the policy for non smokers.
Insurance companies will regard you as a smoker if you have used any tobacco products including cigarettes, cigars or nicotine replacement products within the past 12 months. So if smokers are thinking of quitting, or have already done so, they need to remember to contact their insurance provider once they’ve been smokefree for 12 months.