If you gave up smoking at least a year ago, this article will help you save lots of money on your life insurance. Essential reading.
Life Insurance Take a last gasp and count the savings!
We're not being insensitive, honestly! We're talking about your
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Did you know that smokers paying up to 60% more for their life insurance cover compared to non-smokers. So, besides the health dividend and the money saved on cigarettes, insurance companies will chip in with lower life insurance premiums. And the insurance savings aren't to be sneezed at! A typical policyholder could save at least £10 or more per month.
With most insurance companies, you qualify for non-smoker premium rates if you haven't smoked or otherwise used nicotine products, within the last five years. Now five years is a long time to wait for the extra spending money if you've only recently given up smoking. However, people in the know have pointed out a way to speed things up.
They point out that some insurers have adopted a more ( cheap car insurance ) relaxed definition of a non-smoker. Some insurers have shortened the 5 year smoke free period to just twelve months. So if you haven't smoked for a year, find out how much you can save by moving your life insurance to one of these insurers. But be careful. You must never cancel your existing policy until you've received written acceptance from the new insurer.
How do find the right insurer?
First go onto Internet because that's the best way to find cheap insurance. Then search for a life insurance broker that fulfils three criteria:
- The broker must search the whole insurance market for the lowest ( car insurance ) price - this means that they will find the cheapest insurance company for you.
- The broker must be prepared to discount the prices - they achieve this by rebating some of their commission back into your policy. That ensures you get a really cheap quote.
- They'll phone you with the quote and provide further help - this is essential ( cheap loans ) as the chances are that the price they will initially phone you with, will be from an insurer using the a five-year smoking definition. You have to tell them that you need the cheapest quote from a company using the twelve-month smoking definition . That means they'll have to call you back after doing some digging.
If you use a web site that provides an immediate on-screen quote, you won't know whether the quote provided comes from an insurance company that uses the 5-year or 12-month smoker definition. Online systems never tell you. That's why you need to be able to speak to a life insurance adviser on the phone so you can explain what you need. Of course, to be able to be able to make a direct comparison with your existing policy you need to get a quote on an identical policy that terminates in the same year as your existing policy.