Smoking cessation may slash life insurance costs
09 February 2010 09:07:30
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| Stubbing out could improve life insurance premiums. |
Kevin Tooze, managing director of independent financial advisory firm Equity Partners, said that smokers who manage to quit may be able to reduce their life insurance premiums by as much as one-third.
"If you can stay off the 'evil weed' for as much as a year and you can then put down honestly that you are a non-smoker, then that will reduce the premium," he confirmed.
Other lifestyle factors such as drinking too much and being overweight can also have an effect, as can particularly risky occupations.
"For instance, if you are a window cleaner then you might find that your premium is more expensive than that of an accountant," Mr Tooze explained.
Other ways to avoid large life insurance premiums include selecting a shorter term, opting for a reducing-term policy and avoiding risky activities such as rock-climbing.
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