Non-Smokers Get Cheaper Critical Illness Cover
Life insurance companies are becoming more vigilant in investigating whether policyholders who claim to be non-smokers are telling the truth. This comes in the face of evidence that some smokers are prepared to lie about their habit in order to receive cheaper policies, particularly with critical illness cover, where policies for non-smokers can be nearly half the cost.
For example, a 40-year-old male smoker will have to pay around £95 a month for critical illness cover, while his non-smoking counterpart will only have to fork out around £50 a month for the same policy.
Younger smokers are at a disadvantage too. This is demonstrated by the fact that a 25-year-old woman will have to pay around £8 a month for life insurance if she doesn’t smoke, while if she is a smoker the price increases to nearer £12.
A spokesperson from a UK online insurer commented, "Smokers who declare they have given up but continue to smoke, no matter how infrequently, will be paying for nothing should they die from a smoking related condition.
"The policy simply won’t pay out and their beneficiaries will be the losers.
"Smokers will pay twice the price for critical illness cover than a non-smoker – it’s a no win situation for the smoker, their nicotine addiction is tightening both their heart and purse strings"
Smokers can get help quitting at www.quit.org.uk.
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