Quitting smoking can help people in middle age save thousands on insurance policies
Quitting smoking means people in their middle age can save thousands on insurance policies.
Life insurance and mortgage protection can be half the price for non-smokers compared with those who smoke.
New research shows that cover is up to €12,000 cheaper over the term of a policy for a non-smoker compared with someone who smokes daily.
The savings on cover are in addition to the reduction in spending of around €3,600 a year from no longer having to buy cigarettes, research from Royal London shows.
The research comes as statistics show the number of people in this country who are quitting smoking is on the rise, with smoking rates falling here faster than in other countries, according to Eurobarometer.
One in 10 smokers gave up the habit between 2015 and 2016, according to figures from the Department of Health's 'Healthy Ireland Survey 2016'.
The Royal London calculations show that a 45-year-old who is taking out mortgage protection cover on a home loan of €300,000 will pay double if they smoke.
The premium per month is €40 for someone who has kicked the habit, but €81 a month for a smoker.
A 55-year-old seeking life cover of €300,000 for 10 years will pay €91 if they do not smoke. A smoker of the same age seeking the same cover will be charged €184, Royal London said.
Colette Houton, Royal London's underwriting and claims lead, said that people who have given up smoking over 12 months ago or more can be reclassified as a non-smoker for life cover.