Its March 12th, its Budget day, its National No Smoking Day, and its the first anniversary of the ban on smoking in public places. I think you can see where I am going with this.
Today’s Budget will almost certainly include the near mandatory tax increase on cigarettes, making it an even more expensive habit for those that still choose to smoke. A recent survey by Co-operative Insurance revealed that the average smoker in the UK, spends more than £2,000 a year on their habit, and on an average lifetime expectancy this amounts to £121,000 spent on smoking.
Insurance companies are rewarding non smokers for choosing a healthier lifestyle, with life insurance and health insurance premiums at almost half the cost of those of smokers.
An average 35 year old Male smoker taking out life insurance of £100,000 over 25 years would expect to pay around £18.00 per month. While the same deal for a non smoker is around £10.00.
All is not lost for smokers who intend to quit the habit, although Insurance companies do require a 12 month non smoking period before they will consider the client for ‘non smoking’ premiums.
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