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Summary

The cost of Life Insurance is going up for smokers and those of us who are overweight. This article explains who is affected.

Life Insurance - Smokers and Overweights pay over 50% more!

By Michael Challiner

The life insurance industry is becoming tougher on smokers and those of us

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Life Insurance News

who are overweight.

When an insurance company calculates its premiums, it has to work out the risk of you dying whilst the policy is in force. (Or with Critical Illness Insurance, the risk that you will become critically or seriously ill during the policy's term.) In this context, smoking and obesity have become increasingly important issues.

The life insurance industry pointedly ignores the views of some Pro Smoking Pressure Groups which argue that smokers under the age of 40 have around the same probability of dieing as non smokers. David Pickett, Life Insurance Manager at Sainsbury's spoke for the insurance industry when he confirmed "Health risks associated with smoking can have a big effect on life cover costs. It is vital for those who have kicked the habit to review their policies".

Just how big an effect smoking has on life insurance costs was highlighted in a recent snapshot study by www.express-life-insurance.co.uk. This found that the average smoker paid 56% more than a non-smoker. The study was based on nine of the UK's top insurance companies and examined the premiums quoted for two men aged 30 asking for £100,000 cover over 25 years. The only difference between the application details was that one was a smoker and the other wasn't.

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Did you Know?
The words term assurance are used by many people when what they really want is term insurance, more commonly known as life insurance.

There is no investment element within life insurance and so there's no payout if the policy reaches its termination date. A life insurance policy only pays out if the policyholder were to die (or become terminally ill and death is anticipated within 12 months of diagnosis – other conditions may apply), before the policy's termination date.

Did you Know?
Personal secured loans are widely advertised on the Internet but research has found that of those applicants who are accepted, 43% are offered a rate that is higher than the advertised rate (source: Experian, the UK's largest credit reference agency). Therefore, if you're looking for a cheap secured loan, it's probably best to apply through a loan Broker. The Broker will know exactly which lenders will accept your credit history and find you the cheapest possible loan.

Did you know?
Buying your car insurance policy online guarantees you the best deals. That's why 53% of all car insurance is now bought online. And when it comes to renewal time, shop around the Internet again! Please don't accept a renewal notice automatically without first checking out prices on the ‘net – there's a good chance that you can still get it cheaper!

Did you know?
53% of all car insurance is now bought online. That's because buying online car insurance helps you find the best deals. And it's important to remember that when it comes to renewal time, you need to shop around the Internet again! Don't automatically accept a renewal notice without checking out prices first – you may still get it cheaper!