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possible life cover quote. Our panel of respected life insurance brokers will work hard to find you the best life insurance
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Smoker’s Life Insurance More Expensive in UK than Elsewhere in the World
It is no secret that smoker’s pay on average 50% to 60% higher premiums on life insurance policies in the UK.
Additionally, lying about being a smoker could save an individual money on their policies now; however,
smokers are at greater risk for certain cancers and if a person were to die during the term of their life
insurance policy and it was determined by the examiner that smoking was the cause or that the individual
had been smoking for a long period of time, then that person’s life insurance policy becomes void and there
would be no payout for their family. This could devastate many families because when the main earner dies,
they are left with less income in addition to trying to pay for things such as a funeral or monthly bills.
Many of the UK life insurance companies classify smokers as a person who has used nicotine in the past year (12 months)
and this includes pipe, tobacco products that are chewed, cigarettes and nicotine patches or gum. If an individual is
planning on quitting smoking or nicotine, they should begin as soon as possible and tell their life insurance
representative that they are quitting. Each life insurance company is different and will have different time
limits on how long a smoker must have obtained from smoking before they could be fully insured. Most life
insurance carriers insist on a year while others require anywhere from three to five years time to avoid any
relapse while they are insuring a person.
There are options for smokers who are not planning on quitting and would want to be covered with life insurance.
First, for a female in her 30s, there is a life insurance plan paying £200,000 over 25 year Level Term Life Cover
with a Guaranteed Premium. These plans will run a person anywhere from £15.00 to £17.50. For a male smoker of the
same age, 30s, and paying the same amount – £200,000 – over the same 25 year Level Term Life with a Guaranteed
Premium would pay between £20.00 and £22.00.
Quitting smoking and paying the higher premium for a year or two is worth the hassle not only for a person’s health but for
their wallet as well. A non-smoking female in her 30s will pay anywhere from £9.10 to £11.00 for £200,000 over 25 year Level
Term Life Cover with a Guaranteed Premium. A male non-smoker of the same age will pay £12.00 to £13.00 for the same policy.
A guaranteed premium is also known as a level premium and will keep the monthly premium – the amount a policy
holder pays for their life insurance coverage – at the same amount throughout the term of the policy,
the premiums, monthly or annually, will not increase for the length of the policy.
Before signing on with any company, someone considering purchasing life insurance – whether they smoke or not –
should shop around and compare prices first, then choose a policy that best fits their needs.
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