Giving Up Smoking Will Boost Your Wealth
February 4, 2012 by Samuel Collins
Filed under life insurance
Figures released lately by the Health Development Agency confirm that smoking is murdering around 83,200 folk a year in England. It's the largest cause of sickness and seriously decreases smokers predicted life-span.
Speak to any reformed smoker and they are going to tell you just how tough it was to overcome the habit, though usually they enthuse about their improved health and the saving in money. Were you aware that smokers spend an awesome ?92,000 on cigarettes, normally during their lifetime? How’s that for an incentive to give up?
It’s not just the price of the cigarettes that they will save on. Life and vital sickness insurance premiums will be healthier too “smokers can pay up to double the price of their insurance cover. With the increased accessibility to information on the internet, folk have been searching for ever lower prices for their insurance cover. This has led on to a price war with insurance companies fighting to retain their slice of the market. In an effort to regain some of the lost cash, insurers have tightened their criteria and now demand that smokers must pay an increased premium to cover the health risk which their habit fuels. The standard rates for these insurance plans shown in insurance advertisements are for the fit and healthy and obviously the risks to which smokers expose themselves take them out of this class.
For even more incentive, smoking bans are now in place in enclosed public places in Scotland and Ireland and England will be joining them around mid 2007. A magnificent number of folk have given up their smoking habit as a consequence of this.
Once you’ve achieved your goal and damaged the habit, you must convince your insurer that you're a reformed character! You need to have given up smoking for between 1 and 5 years (most firms would be OK with 1year) before it's possible to be counted as a non smoker. Then you can contact your company and ask them to re-quote. You’ll see a particularly much reduced premium. At this stage it's sensible to try the web to see if you can save rather more money. It might be as well to hang fire till your new insurer has checked your wellbeing details and accepted your claim before cancelling your current cover.
It’s no difficulty to cancel a policy “stop paying! If you cancel your direct debit the insurer will contact you fairly quickly to see what is happening. You then have got to tell them that you now don't need the cover. Cancellation charges won't apply.
Talking of health details, please be totally truthful when you fill in the offer form. In the event of making a claim, your insurance company will approach your Doctor for verification of your non-smoking standing and if you're found to possess misled them, your claim will be refused due to non notification of facts.
However long you have been a smoker, the improvement in your fitness gained by giving up is extremely profitable. Remember, to miss-quote somebody famous, “Tis better to have smoked and stopped, then never to have stopped at all!” Or something similar to that.
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