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Ex-smokers told they can save on life cover

People who have quit smoking for a year could be saving a substantial amount of money by rebroking their life insurance cover, according to specialist life insurance broker Rebroke.com.

The broker says many people who have given up smoking are not aware that they could be saving money as most insurers offer reduced rates after a year of not smoking.

Research from Rebroke.com shows that a 39year-old male smoker with a level term policy for £100,000 over 20 years would pay an average of £35.41 a month whereas a non-smoker with the same details would pay monthly average monthly premiums of £18.78.

The company says the situation is much the same for women, with monthly premiums averaging £25.64 for smokers and £14.84 for non-smokers.

Spokesman Lee Davy says: “When people have stopped smoking for 12 months or more, they are classed as non-smokers by life insurance companies.

“By rebroking their policy and securing non-smoker rates, they can make huge savings over the remainder of their policy term.”

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