People who give up smoking could save thousands of pounds from their life insurance premiums, an analysis shows.
Figures from Royal London suggest a smoker aged 50 would pay nearly three times more per month than a non-smoker of the same age for the same sum assured – namely, £33.94 as oppose to £94.07.
Over a 25 year term, their savings could amount to £18,039.
A 40 year-old who quits smoking could save almost £6,000 and a 30 year-old could save almost £2,000 over 25 years.
This is because non-smokers are usually eligible for lower rate premiums if they have not smoked tobacco or used any nicotine replacement products, including e-cigarettes, for 12 months.
Around 15% of adults in the UK are smokers, a decline of 5% over the last five years.
Craig Paterson, underwriting and claims philosophy manager at Royal London, said after the first 12 months of not smoking life insurance premiums plummet, which is on top of the savings made from a change in spending habits on cigarettes.
“The benefits of giving up make it the most sensible thing for smokers to do,” he claimed.