Life insurance. Smoke your money up the chimney
Author: Emma Mayo
The costs of smoking are well documented. High blood pressure,
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At over £5 for a packet of 20 cigarettes, they are also aware of how much it's costing { motor insurance quotes } them monetarily. But the financial implications stretch further, meaning that smokers have to pay hundreds more for their life insurance.
Insurance companies classify anyone has who used any tobacco products in the twelve months before making the insurance application as 'a smoker'. Statistics show that people that smoke are more likely to make a claim, so naturally the premiums are higher for smokers - but the margin is surprisingly high. A male 35-year-old smoker will pay 78% more in life insurance { car insurance quotations } premiums than his non-smoking counterpart. It's not much better for women - a smoker of 35 will pay 72% more. For £100,000 worth of cover over 20 years, that's a difference of over £1,500. Add that to the cost of all those cigarettes at a rate of 20 a day, and that's another £36,400 smoked up the chimney! Smoking certainly is an expensive habit.
Despite the extra cost implications, don't be tempted to save money on life insurance by pretending that you don't smoke. If you do need to make a claim then the insurer { mortgages } will most likely discover that you were in fact a smoker, and would use that as grounds to reject the claim. It simply isn't worth the risk.
Some insurers have developed { loans } methods to make sure applicants cannot lie in any case. There is a saliva test that can reveal whether you are a smoker or not - and some insurers ask potential customers to take the test before they will insure them.