Ex-smokers losing out on life insurance

Wednesday, January 18, 2006

Reviewing their life insurance policies could save ex-smokers a lot of money, according to the latest research.

Sainsbury's Bank found that the total amount each year that is squandered by ex-smokers who fail to inform their life insurance policy provider that they have officially quit is in the region of £126 million.

"Since December 2004, as many as two million people have given up smoking. The health benefits of giving up are well known, and with a packet of cigarettes now costing over £5, the financial savings can also be substantial," said David Pickett, Sainsbury's Bank life insurance manager.

"However, once you've successfully quit, you could also make a saving in your annual life insurance premiums if you review your requirements."

Sainsbury's Bank says that to be considered an ex-smoker means having quit for a period of 12 months, but highlights that a monthly saving of 40 per cent could be made depending on age if a smoke-free year is achieved and continued.

Sainsbury's Bank has been open for almost nine years, offering a range of financial services to its customers.

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