Stubbing out smoking could save you a lot of money
National No Smoking Day is just around the corner - March 13 - and it could be the perfect chance for you to kick the habit.
We know there are plenty of health reasons why you should be qutting, but new research from MoneySupermarket.com reveals that those who quit will see a huge boost to their bank balance too.
The comparison site found that quitters who ditch cigaretters could make impressive savings on combined Citical Illness Cover (CIC) and life cover.
Doireann Maddock, Senior Cardiac Nurse at the British Heart Foundation, added: “We know how much smokers are motivated to quit by the money they could save and that’s why this year, we’re asking all smokers to ”swap fags for swag” on No Smoking Day and think about what else they might prefer to spend their money on. Whether it’s putting money towards treats like holidays or family outings, or making savings in other areas like life insurance, this is sure to be an encouragement for anyone who wants to kick the habit for good. But whether it’s your health or wealth that’s your incentive, we’re here to help and support you at every turn.”
A 30 year old wanting £150,000 worth of cover over 25 years could save £6,207 with Scottish Provident over the term, or £20.69 per month, if they made the decision to go smoke free.
MoneySupermarket found non-smokers can also make considerable savings on single life cover - up to £1,779 with Aviva on a single life insurance policy over the term. Furthermore, the British Heart Foundation estimates a smoker could save themselves a further £2,555 on the cost of cigarettes per year by making the decision to go smoke-free.
Emma Walker, head of protection at MoneySupermarket said: "With considerable savings to be made, smokers will hopefully find the willpower to permanently kick the habit, benefiting both their health and their wallets. Those who make the decision to quit should then shop around for the best insurance deal to suit their circumstances. Critical Illness Cover could prove vital if a person is unable to work due to serious illness, which is especially important in today’s financial climate. Insurer providers will insist smokers have kicked the habit for a full year in order to be classed as a ‘non-smoker’ and qualify for life insurance premium savings.”