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| Health Insurance |
Life insurance companies are becoming more vigilant in investigating whether policyholders claiming to be nonsmokers are telling the truth. This comes in the face of evidence that some smokers are willing to lie about their habits in order to accept cheaper policies, especially with critical illness coverage, where policies for nonsmokers can be nearly half the cost.
For example, a 40-year-old male smoker has to pay around £95 per month for critical illness coverage, while his non-smoking partner only has to pay around £50 a month for the same policy.
Young smokers are also disadvantaged. This is demonstrated by the fact that a 25-year-old woman would have to pay around £8 per month for life insurance if she did not smoke, whereas if she were a smoker the price would rise to close to £12.
A spokeswoman for a UK online insurance company commented: "Smokers who declare they have given up but continue to smoke, no matter how rare, will pay nothing if they die from a smoking-related condition.
"Those policies will not pay off and their beneficiaries will be the losers.
"Smokers will pay double the cost of critical illness coverage than nonsmokers - it's a disadvantageous situation for smokers, their nicotine addiction tightens their hearts and wallets"
Smokers can get help to quit at www.quit.org.uk.
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