Does Critical Illness Cover Cost More For Smokers

Copyright (c) 2011 Steve Wentworth

After years of scientific investigation it has now been scientifically proven that smoking has a damaging consequence to an individuals health and a smoker is more likely to be diagnosed with a critical life threatening illness.

'Smoking is the single biggest cause of cancer in the world'. (Cancer Research)

According to research executed by the author, all insurance companies apply an increase to the amount of the monthly payments of life assurance and critical illness insurance policies if the client is a smoker. This research demonstrates that the loading on the monthly payments grows exponentially the older the customer is when starting the policy. Therefore there is no great difference in the monthly payment of a 20 year old male smoker to that of a 20 year old male who is a non-smoker, where the smoker will pay a few pound more. Compare this with a man aged 35 who is a smoker looking to take out a new critical illness cover policy with a term of 20 years, who will pay some £20 per month higher than the non smoker equivalent, this hike steps up to a £40 differential for a 40 year old.

So to save money on your life insurance and/or critical illness cover then if you can stop smoking a year prior to applying for life cover and/or critical illness insurance you should qualify for the beneficial non-smokers monthly payments. But, you still will need to declare to the insurance company or insurance agent that you have been a smoker in the past. Yet, if you have been clear of smoking for the past 12 months then the non-smoker rates should apply. This is because non-smokers are less likely to make a claim on either life or critical illness as there is a lesser risk of the sum assured being diagnosed with a serious life threatening sickness or dieing.

Look after your well-being, and the pounds will look after themselves!

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