Save money on insurance premiums by quitting smoking

This Wednesday 9 March is No Smoking Day and maybe the incentive some are looking for to stop smoking .

By stopping smoking it’s not the health that’s benefits but it can help finances . If an average packet of 20 cigarettes costs approx £6.85, those who smoke one packet a day could potentially save £2,500 a year.

It isn’t just the cost of the cigarettes where money can be saved. Savings can also be made on life and health insurance premiums, but only 12 months after quitting.

According to LifeSearch non-smokers can pay up to 50 per cent less in premiums. By getting in touch with your insurance company or a financial adviser, you could be making big savings.

However Matt Morris, senior policy adviser at LifeSearch advises, "It is important to make sure you have a new policy in place before cancelling the existing one, as a new policy could turn up some nasty surprises in underwriting and may even be declined if your health has changed."