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Quitting smoking “has little impact” on life premiums


Ex-smokers can save on average about £1000 a year on cigarettes yet their decision to quit may have little impact on their life insurance premium.


Non-smokers pay around £10 less a month than smokers for term insurance, although ex-smokers do not benefit from the lower rates for one to two years.


Smokers&#39 premiums have fallen an average of 22 percent in the last six years, and on the pension side their annuities are higher than non-smokers in line with lessened life expectation..


Swiss Re&#39s Life & Health&#39s Dave Grimshaw says: “The term insurance market is very competitive and non-smokers saw the benefit of lower premiums first but prices for smokers are becoming more competitive too.”

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