The True Cost of Smoking
Smoking cigarettes can not only leave you with adverse effects to your health, but it can also leave a hole burning in your pocket in less obvious ways, found a recent study undertaken by Endsleigh Insurance.
The Office of National Statistics has released figures which show the average smoker in the UK puffs on 13 cigarettes a day, and the Tobacco Manufacturers Association claims the RRP for a pack of 20 cigarettes is £7.98. That equates to an annual cost of £1,893.26.
That could be the cost of a family holiday to Disneyland Paris, a deposit on a new car, or money saved for a rainy day. However, it isn’t just the upfront cost that people need to be aware of. The rise in price of other financial products where the likelihood of death or illness is a key factor in the awarding of a policy, can be a stumbling block for many people who smoke; for example, life insurance premiums for a smoker can be double that of a non-smoker.
One fact that most people aren’t aware of is that it can take between 12 and 18 months for you to be classed as a non-smoker on your life insurance policy. Steve Barnes, Financial Adviser at Endsleigh, said: “People should remember that any kind of smoking in a 12 month period classes you as a smoker in the eyes of an insurance company.
“It doesn’t matter if it’s an occasional secret cigarette in times of stress or a regular habit, in order to be classified as a non-smoker by life insurance companies you need to have abstained from smoking or from using nicotine replacement products for at least 12 to 18 months.”
With the survey revealing that 1 in 5 Brits are secret smokers, it shows just how many people could be costing themselves money from even the occasional cigarette. If you don’t tell your insurance company, it could invalidate your life insurance policy meaning that should the worst happen, your family would receive no financial compensation. If you quit smoking you should inform your provider, and then inform them again when you have been cigarette free for a year.
Steve Barnes finished by saying: “As a new year starts, many of us will begin to think of the healthier things we can do to improve our fitness and general wellbeing. We all know smoking is bad for our health and it can almost double the cost of life insurance premiums.”
Latest posts by Silversurfers Editor (see all)
- Win 2 nights on board the Luxury Sunborn Superyacht in Gibraltar! - March 21, 2017
- Should MPs have more than one job? - March 20, 2017
- A simple way to maximise your ISA - March 17, 2017
- Blooming Lovely from Hotter! - March 17, 2017
- Claim a pair of cinema tickets to see Going in Style! - March 17, 2017
Leave a Comment!
Community Terms & Conditions
These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.
You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.
be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.
Contributions must not:
contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
Nurturing a safe environment
Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.
We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!