You are probably already aware that smoking is not only bad for your pocket but also your health. The cost of a packet of cigarettes in the UK is now well over £8 and aside from this being expensive, you will find that insurance premiums go up as a result.
It’s probably not difficult to see why either. Smoking means you put yourself in a higher risk category for earlier death and serious illnesses. Medical studies consistently show that smoking is a key factor in my types of serious illnesses too. About 85% of deaths occur from lung cancer in the UK (as a result of smoking) and up to one in every four types of fatal forms of cancer.
Add to this, an increased risk of heart disease and emphysema and you may well already be wondering why you don’t give up.
So in short, life insurance for smokers is more expensive than it is for non-smokers.
My life insurer won’t know if I smoke unless I tell them…
This is not something we would recommend you consider doing to get cheaper life insurance premiums.
When taking out cover you will be asked whether you smoke, so you should be honest. If you aren’t and a claim needs to be made, the insurer will investigate via medical evidence and if you are found to be a smoker then your policy could be void. This means your beneficiaries will receive nothing.
The insurance company can check with your doctor to find out whether you smoke and you may be asked to provide a urine test to check for nicotine.
What if I’ve quit and I’m using patches or gum?
You are still classed as a smoker until you’ve not used anything for 12 months. At this point if you’ve been clear all of this time you are finally classed as a non-smoker.
While you can get deals on life insurance even if you are a smoker, the reality is if you put your health at risk by smoking then you will never get the premiums a non-smoker will.
It’s always going to be better to quit because you’ll save money, feel healthier and get life insurance for a non-smoker instead.