Summary

Stop smoking and the savings will be more than you expect - you life insurance premiums should be some 50% cheaper to start with. This article explains.

Life and Critical Illness Insurance. Quit smoking and your premiums will crash.

Author: Michael Challiner (medical insurance)

Smokers have less money to burn that the rest of us - thats because on average, smoking costs them £92,000 during their lifetime.

Indeed, recent figures from the Health Development Agency show that smoking is the biggest single cause of illness and premature death, killing some 83,200 people a year in England alone! Its not surprising therefore, that health considerations are the most persuasive reasons for kicking the habit - but there are some significant financial reasons as well! (cheap life insurance)

As smokers and ex-smokers alike can testify, its far from easy to quit the habit - but along with the health dividend, the thought of extra spending money should provide a major incentive. Reformed smokers could put some of their newfound money into savings or pay off debts quicker, or even overpay their mortgage. Even more holidays come into play!

And life insurance is another area to make big savings. Smokers frequently pay up to twice as much for their cover than non-smokers and it seems as if premiums for smokers are still rising. Thats because for some years now the insurance companies have been locked in a price war fuelled by the Internet.

Click here for page 2 (car insurance cover)

Did you Know?
The concept of medical insurance was proposed in 1694 by Hugh Chamberlen. In the late 19th century, early medical insurance was actually disability insurance, in the sense that it only covered the cost of emergency care for injuries that could lead to disability. This insurance model continued until the early 20th century when patients were expected to pay all other health care costs out of their own pocket under what is known as the fee-for-service business model. Modern medical insurance programs emerged mostly after the 2 nd World War.

Today in the UK, most comprehensive private medical insurance programs cover the cost of routine and planned health care procedures, although emergency care is still largely the province of the National Health Service.

Did you know?
If you cant get home insurance , beware – the Royal Institution of Chartered Surveyors warns that value of your house could fall by 80%. And its a high flood risk that is most likely to make your house uninsurable. According to a recent report, 6.5 million homes are already at risk from flooding and 1.5 million homes are in areas at high risk. Furthermore, if global warming continues, by 2030 this 1.5 million figure could double.

Did you know?
Over recent years, the cost of moving house has risen at more than twice the rate of house price inflation. The main offender has been stamp duty. (car insurance cover)

Today, a move from the average semi worth £174,750 to an average detached house costing £293,250, will cost some £12,500. Five years ago the same move would have cost just £4,500. These costs include Land Registry costs, local authority searches, estate agents, solicitors fees, and of course, stamp duty. This means that house moving costs have increased by 176% whilst house prices have themselves risen by 70%.

This increase in home move costs has been greatly influenced by the fact that the average price for a detached house has now burst through the £250,000 level above which stamp duty jumps from 1% to 3%.

For some homeowners, these costs have influenced a decision to stay put and remortgage. Thats one of the reasons why remortgages have become so popular.