Free Online Article Directory. For Article Authors & Publishers
Quit Smoking And Cut Life Insurance Premiums
The risks of smoking are well known, but beyond the cost of the packets themselves the habit could be costing a lot more. Each Budget brings more tax hikes on the cost of smoking, but smoking also makes life indemnity more expensive.
Currently life insurance is very competitive, especially as souls are compare quotes on online, but for smokers they can be almost double the cost.
The simple fact is that smoking makes a payout more plausibly as you are more believably to die. Smokers are believably to miss out on life indemnity deals since they represent a high risk to insurers.
"If a smoker had given up on July 1st 2007, they would have been officially classed a non-smoker on July 1st 2008 - therefore over the past year they could have saved $227 on critical illness cover, or $58 on single life cover," said Emma Walker, head of protection at moneysupermarket.
For a male smoker with a 20-a-day habit, the cost of cigarettes (on average $5.60 a pack) plus the added costs of life cover compared to a non-smoker over 25 years, adds up to a staggering $53,020 cost of smoking.
"Smokers have to pay more for life indemnity and critical illness cover because smoking is a serious risk to your health and a major cause of coronary heart disease and lung cancer," explained Joe Wiggins, from Legal & General.
Quitting now will give health benefits straight away and clearly save you money on the cost of packs. However, insurers only consider you to be a non-smoker once you can say you have not impacted a cigarette, or nicotine, in a year.
Critical illness cover (CIC) premiums are also touched lifestyle. A non-smoking 40-year-old male will pay roughly $49.26 per month for CIC and a 40-year-old smoking male $93.78.
The smoker is hit by $44.52 extra per month to their CIC that's an extra $534.24 just for smoking and a total of $1125.36 for annual CIC.
An Ian Durell said: "Smokers will pay twice the price for CIC cover than a non-smoker it is a no-win situation for the smoker, their nicotine addiction is tightening both their heart and purse strings."
Honesty is the best policy
High indemnity costs for smokers makes lying on applications seem tempting. But life insurance companies are on the lookout for smokers who fib on their application forms.
"We've found that one in ten individuals (eight per cent) hide the fact that they smoke either because they aim to give up soon or since they consider themselves a 'social' smoker rather than a 'real' smoker," Mr Wiggins said.
And when a smoker lied on their application?
"It would depend on the case, but they may face a reduced payout or even have their claim declined altogether," Mr Wiggins warned.
It is quite simple for an insurer to check whether you are a smoker. You may be asked to provide a saliva sample, for example. Or an insurer could check your medical notes, if a claim was made.
"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," said Mr Durrell. "The policy simply won't pay out and their beneficiaries will be the losers."
Norwich Union warns that it would treat lying about smoking on your insurance application as it would any other non-disclosure so invalidating the policy. Even when you die of a non-smoking related cause, your beneficiaries may still end up with nothing if the claim is investigated.
Of course, this only applies to smokers who lie at the time of their application. Provided you have not touched cigarettes for twelve months when you apply for a policy, you are free to take up smoking again the next day and still pay non-smoker rates.
Take action now
Obviously, the best thing you can do for your wallet (and your health) is to give up smoking and to tell your life indemnity company in a year's time.
There are other actions you can take to reduce your premiums such as shopping roughly to detect the best deal, as quotes can vary between insurers.
"Staying fit and healthy would also assistance those with a high BMI may also find that they have to pay more than average," Mr Wiggins advised. Another crucial thing to think about is your health at the time of your application, Mr Durell added.
"There are some things you cannot avoid, like your family medical history," he said. "But when you get your life cover sorted out early, you will be on a lower premium, since the aged you get the greater the risk of developing health problems."
Author Resource:-
Uchenna Ani-Okoye is an internet marketing advisor
For further information on life insurance policies as well as product recommendations and services, I suggest you check out: Cheap Insurance Life Policy
Fleet insurance needs to be obtained when you have a fleet of vehicles. This could be a fleet of cars, vans or trucks to name a few. A good insurance plan will ensure every vehicle is adequately covered in the event that something unforeseen should happen.
Medical billing services come as a welcome respite to medical practitioners that are hard-pressed for time and resources. They take over the load of billing and associated managerial jobs from the health care provider and increase their income. Medical billing services are quickly becoming the industry standard because of the many benefits they have to offer.
When you want to be on top of the business and have the most number of health insurance deals you need to know how to effectively generate health insurance leads for free.
Motor trade insurance is something every business owner needs. This is the first thing they have to take into consideration, and is also the first thing they should think of spending on before deciding to sell anything in their motor trade.
Some people simply love collecting cars, while others may just own several cars. If you are one of these people, you could save a lot of money on insurance if you opt to cover all of your cars under a single umbrella while having the chance to apply different terms and limitations on each car separately.
The taxi business market in the UK has more than doubled since the past two decades. From a low of about 16% many years back, about 32% of the growing population today ride a taxi at least once a month.
The taxi business industry is one of the most common businesses you will see worldwide. In the UK, there are a lot of taxis that can be found in every corner, block, and street because the demand for this service is very high.
When you operate a business that utilises more than three vehicles, or you are a car collector of several units, the most practical and convenient insurance coverage for you is a fleet insurance.
The World Wide Web is truly an innovative tool and great information source. Regardless of what you might need, there are great chances of you finding it online. If you happen to be a taxi driver, it even comes in handy as it can connect you with your friends and give you the chance to discuss new equipment and newly-placed laws, to boot.
![[Valid RSS feed]](http://www.articlelisted.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Uchenna Ani-Okoye's Author Feed
Print This Article
Add To Favorites 