L&C Mortgages has advised new ex-smokers to go over their life insurance policies to see if they can save money.
Smokers who have kicked the habit in the New Year could save even more money than just what they would spend on cigarettes, according to L&C Mortgages.
The New Year often sees smoking top resolutions lists and this year has been no different. Bupa has used the opportunity to launch a 'QuitClock' application for the social networking site Facebook, which tracks how long it has been since a user's last cigarette and also provides a counter showing how much money has been saved by not smoking.
L&C has taken this idea one step further, by pointing out that life insurance premiums are cheaper for non-smokers. However, these lower-cost deals are only available to people who have been tobacco-free for more than a year and that includes aides such as nicotine gum and other products.
But Richard Morea, L&C technical manager, said that those who successfully keep away from cigarettes until New Year 2010 will see a benefit on the premiums they are offered, which could be useful given the increasingly gloomy outlook for the economy.
"Life assurance is essential for many of us and in today's economic climate getting the best premium becomes even more important," he said.
According to the company's figures a 25-year-old quitter with a level-term policy for £150,000 could save £2.71 a month, a 40-year-old £13.28 and a 50-year-old £29.07.
