Life Insurance - Smokers And Overweights Pay Over 50% More!
The life insurance industry is becoming tougher on smokers and
those of us 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-i
nsurance.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