According to the insurance company, a smoker aged 50 would be paying nearly triple what a non-smoker of the same age would be paying per month. This would equate to £82.48, as opposed to £29.13, based on a single life cover, over a 25-year term for the assured sum of £150,000.
Figures released a month earlier by the same insurer, indicated that smokers could pay anywhere from €6,000 to €60,000 more than their non-smoking counterparts on life insurance policies.
Many smokers remain unaware of these differences
Experts at the insurance agency point out that sadly, many policyholders are unaware of the significant savings on insurance policies they could avail from if they had to quit smoking, which at times could be reduced by over 50%.
“When weighing up the advantages of quitting smoking, we generally think about the obvious health benefits and the cost savings to be gained from not purchasing cigarettes frequently – especially given that, from 2021, one packet is set to cost €14,” said Michele Murphy of Royal London.
“However, fewer people may immediately think of the significant cost benefit of quitting in terms of the impact it has on life cover premiums. As you might imagine, smokers pay more in premiums for life insurance than non-smokers, due to many damaging health effects, but people may not be aware of just how sizeable the difference can be between the premiums charged,” she added.
Discussing a cost analysis carried out by Royal London, Murphy highlighted the price increments that smokers are subjected to as they age. “The figures speak for themselves – showing massive savings for non-smokers when compared with smokers. A smoker turning 35 on their next birthday will pay over €6,000 more in premiums than their non-smoking counterpart for €300,000 worth of Level Term Life Cover over a 25-year term.”
