How does smoking affect the cost of life insurance? —Tim Kapp

Common sense tells us that smoking drives up the cost of life insurance; however, many people fail to appreciate how just how much more they will pay. According to recent research, the average smoker will pay nearly double what a non-smoker pays for life insurance and some smokers will pay even more.

Our friends at LifeInsure.Co.UK have put together some interesting statistics based on smokers in the UK:

  • 51% of smokers who have quit smoking have not told their insurers. (If you’ve quit smoking for more than 12 months, tell your insurer immediately and start saving!)
  • The average annual premium for a smoker in 2011 was £209 ($327) and the average premium for a non smoker was £113 ($177). Thats 85% more!
  • Over the course of a 20 year insurance term that difference adds up to a £1917.60 ($3004.50) difference.

For more information, visit LifeInsure’s special report on life insurance for smokers*. (Please Note: does not endorse, recommend, or favor

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