Make Smoking Hot Savings by Kicking the Habit
26 Jun, 2012, 09:00 BST
CHESTER, England, June 26, 2012 /PRNewswire/ --
- Fifth anniversary of Smoking Ban in England on 1st July 2012
- Ex-smokers could have pocketed £7,250[1]in the last five years by not smoking
- Non-smokers can save £4,209[2]over the term of a life insurance policy, says MoneySupermarket
Five years 'smoke free' could have saved recession-hit Brits £7,250 on cigarettes alone since the introduction of the Smoking Ban in 2007, according to MoneySupermarket.com.
Research by Britain's number one comparison site found that as well as saving on the cost of cigarettes Brits can make an impressive saving on life insurance including critical illness cover if they've kicked the habit. A 30 year old male smoker wanting £100,000 of cover over the next 25 years would fork out £36 a month with Scottish Provident, but only £22 if he was smoke free for 12 months; a saving of £14 a month, or £4,209 over the full term.[2] For women, the cost saving over the term would be an equally impressive £2,052. NHS research shows that while there has been no significant difference in the number of adults giving up smoking since the Smoking Ban came into force in 2007, the statistics reveal two thirds of current smokers would like to give up.[3]
Emma Walker, protection expert at MoneySupermarket, said: "They say 'there's no smoke without fire' and for addicted Brits the cost of cigarettes no doubt burns a hole in their pocket. But, five years down the line from the Smoking Ban anyone who kicked the habit for good will not only have saved a packet, they'll have taken a big step to improve their health. The cost smoking adds to the price of a premium for life insurance or critical illness is considerable and should be one reason for anyone to consider quitting.
"In order to be classed as a non-smoker and qualify for life insurance premium savings, insurers insist smokers have packed it up for a full year.[4] Once smokers have given up for 12 months - this includes any tobacco-replacement products they might be on, such as nicotine patches - they should go back to their insurer and ask for non-smoker rates; subject to tests to prove they've quit of course."
MoneySupermarket found that by giving up, smokers can also save money on single life insurance cover. It would cost £10.59 a month for a male smoker with Ageas but £6.81 for someone who has quit the habit - a saving of £1,134 over the term.[5]
Emma Walker continued: "Looking at the savings that can be made over the long-term can be a real eye-opener. The better your health, the cheaper your premium and by quitting you won't be burning your hard-earned cash either. It is essential to do your research to get the right premium for you - shop around for the best deals currently available on the market and decide on the most cost-effective deal to best suit your circumstances."
Notes to editors:
[1] The daily consumption of cigarette per smoker in 2012 is 14 for men and 12 for women meaning an average of 13 per day: http://ash.org.uk/files/documents/ASH_106.pdf
According to data from the TMA the average cost of cigarettes has been multiplied by the average number of cigarettes smoked a day by the average smoker on an annual basis since the ban was introduced on 1st July 2007. The total amount comes to £7,237.70:
http://www.the-tma.org.uk/tma-publications-research/facts-figures/uk-cigarette-prices/
[2]Top five table based on 30-year-old male wanting £100,000 over 25 years for single life or earlier critical illness cover
Saving
Total Total per Saving
Monthly premium Monthly premium month by for term
premium over 25 premium over 25 not by not
Provider smoker years non-smoker years smoking smoking
Legal & General GBP33.51 GBP10,053 GBP21.24 GBP6,372 GBP12.27 GBP3,681
Ageas GBP33.75 GBP10,125 GBP22.89 GBP6,867 GBP10.86 GBP3,258
Aviva GBP35.10 GBP10,530 GBP22.00 GBP6,600 GBP13.10 GBP3,930
Bright Grey GBP35.65 GBP10,695 GBP22.88 GBP6,864 GBP12.77 GBP3,831
Scottish
Provident GBP36.09 GBP10,827 GBP22.06 GBP6,618 GBP14.03 GBP4,209
Sourced by http://www.moneysupermarket.com 19.06.2012
Top five table based on 30-year-old female wanting £100,000 over 25 years for single life or earlier critical illness cover
Saving
Total Total per Saving
Monthly premium Monthly premium month for term
premium over 25 premium over 25 by not by not
Provider smoker years non-smoker years smoking smoking
Ageas GBP26.96 GBP8,088 GBP21.65 GBP6,495 GBP5.31 GBP1,593
Legal &
General GBP28.22 GBP8,466 GBP21.81 GBP6,543 GBP6.41 GBP1,923
Aviva GBP28.70 GBP8,610 GBP22.70 GBP6,810 GBP6.00 GBP1,800
Bright Grey GBP29.77 GBP8,931 GBP23.04 GBP6,912 GBP6.73 GBP2,019
Zurich GBP29.87 GBP8,961 GBP23.03 GBP6,909 GBP6.84 GBP2,052
Sourced by http://www.moneysupermarket.com 19.06.2012
[3] NHS research among adults aged 16 and over in Great Britain in 2008/09, report published titled 'statistics on smoking' in England in 2011: http://www.ic.nhs.uk/webfiles/publications/003_Health_Lifestyles/Statistics%20on%20Smoking%202011/Statistics_on_Smoking_2011.pdf
[4] Non-smokers' must be cigarette free for 12 months but also free of tobacco replacement products. If someone is using nicotine patches for example, they will still be deemed a smoker
[5]Top five table based on 30-year-old male wanting £100,000 over 25 years for single life cover
Saving
Total Total per Saving
Monthly premium Monthly premium month for term
premium over 25 premium over 25 by not by not
Provider smoker years non-smoker years smoking smoking
Legal & General GBP10.10 GBP3,030 GBP6.25 GBP1,875 GBP3.85 GBP1,155
Aviva GBP10.14 GBP3,042 GBP5.86 GBP1,758 GBP4.28 GBP1,284
Zurich GBP10.40 GBP3,120 GBP6.50 GBP1,950 GBP3.90 GBP1,170
LV= GBP10.50 GBP3,150 GBP6.33 GBP1,899 GBP4.17 GBP1,251
Ageas GBP10.59 GBP3,177 GBP6.81 GBP2,043 GBP3.78 GBP1,134
Sourced by http://www.moneysupermarket.com 19.06.2012
Top five table based on 30-year-old female wanting £100,000 over 25 years for single life cover
Saving Saving
Total Total per for
Monthly premium Monthly premium month term by
premium over 25 premium over 25 by not not
Provider smoker years non-smoker years smoking smoking
Aviva GBP6.99 GBP2,097 GBP5.00 GBP1,500 GBP1.99 GBP597
Legal & General GBP7.53 GBP2,259 GBP6.00 GBP1,800 GBP1.53 GBP459
Ageas GBP7.78 GBP2,334 GBP5.86 GBP1,758 GBP1.92 GBP576
LV= GBP7.90 GBP2,370 GBP5.49 GBP1,647 GBP2.41 GBP723
Zurich GBP8.00 GBP2,400 GBP5.30 GBP1,590 GBP2.70 GBP810
Sourced by http://www.moneysupermarket.com 19.06.2012
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SOURCE moneysupermarket.com