Breaking News
October 24, 2018 - Loxo Oncology Announces Receipt of Breakthrough Therapy Designation from U.S. Food and Drug Administration for LOXO-292 for the Treatment of RET Fusion-Positive Thyroid Cancer
October 24, 2018 - Analysis of largest set of genomes from pregnant women reveals genetic links to disease, birth outcomes
October 24, 2018 - New vaccine strategy shows promise to protect chickens against serious respiratory disease
October 24, 2018 - First Asia Reference Center in Singapore
October 24, 2018 - New partnership aims to tackle cancer health disparities
October 24, 2018 - Two Roche Diagnostic tests identified as transformative
October 24, 2018 - Cocaine overdoses on the rise with fentanyl combo flooding the market
October 24, 2018 - Radiotherapy combined with androgen-deprivation therapy improves overall survival up to 10 years
October 24, 2018 - Spectrum Pharmaceuticals Receives FDA Approval of Khapzory (levoleucovorin) for Injection
October 24, 2018 - Researcher uses smartphone to detect breast cancer gene
October 24, 2018 - Advanced breast cancer patients can benefit from immunotherapy-chemotherapy combination
October 24, 2018 - Stress related to social stigma negatively impacts mental health of autistic people
October 24, 2018 - New 17-item questionnaire may help detect GI disorders in children with autism
October 24, 2018 - 12% of frequent marijuana smokers experience cannabis withdrawal syndrome
October 24, 2018 - Immune therapy may be potential treatment option for patients with hard-to-treat ankylosing spondylitis
October 24, 2018 - Poor Experience With PCP Linked to Hospitalization in CKD
October 23, 2018 - Dummies not to blame for common speech disorder in kids
October 23, 2018 - The future of ethics and biomedicine: An interview
October 23, 2018 - X4 Pharmaceuticals announces clinical data of X4P-001-IO and Opdivo in patients with clear cell renal cell carcinoma
October 23, 2018 - FDA targets 465 websites that sell potentially dangerous, unapproved drugs
October 23, 2018 - New approach may lead to better diagnostic techniques for autoimmune disorders
October 23, 2018 - Innovative computer software sheds new light on genetic processes underlying deadly diseases
October 23, 2018 - Juul Drawing Lots of Teen Followers on Twitter
October 23, 2018 - WHO says Zika risk low in Pacific ahead of Meghan visit
October 23, 2018 - A deeper look at ‘Reflecting Frankenstein’
October 23, 2018 - Breastfeeding can have protective affect against high blood pressure in women, confirms study
October 23, 2018 - Epigenetic modifications may contribute to Alzheimer’s Disease
October 23, 2018 - Volunteering for peer counseling programs benefits people with lupus
October 23, 2018 - Cancer treatment may undergo a paradigm shift to immunotherapy soon
October 23, 2018 - Study uncovers new mechanism of action in a first-line drug for diabetes
October 23, 2018 - New type of molecule shows early promise against treatment-resistant prostate cancer
October 23, 2018 - Lancet publishes pioneering study of Aimovig’s efficacy in episodic migraine patients
October 23, 2018 - Scientists grow functioning human neural networks in 3D from stem cells
October 23, 2018 - Using mushrooms as a prebiotic may help improve glucose regulation
October 23, 2018 - New ENT clinic treats children in Zimbabwe
October 23, 2018 - CUIMC Celebrates 2018-2019, Issue 2
October 23, 2018 - Immunotherapy is better than chemotherapy as first-line treatment for advanced head and neck cancer
October 23, 2018 - Intake of painkillers during pregnancy linked to early puberty in future offspring
October 23, 2018 - ConnectToBrain project seeks to improve techniques for brain stimulation in current clinical use
October 23, 2018 - Polyganics begins first-in-human clinical trial of LIQOSEAL for reducing CSF leakage
October 23, 2018 - Gut bacterial community of healthy adults recovers after short-term exposure to broad-spectrum antibiotics
October 23, 2018 - Lowering systolic blood pressure does not damage the kidneys, shows study
October 23, 2018 - Incyte Announces Positive Data from Phase 2b Trial of Ruxolitinib Cream in Patients with Atopic Dermatitis
October 23, 2018 - Cardiovascular admissions more common among most deprived
October 23, 2018 - Targeted drug and hormone therapy combination extends breast cancer survival
October 23, 2018 - Map of human liver cells reveals molecular make-up of individual cells
October 23, 2018 - Drugs approved for breast cancer treatment are effective and well tolerated in men
October 23, 2018 - EKF introduces new hand-held lactate analyzer for rapid sports performance monitoring
October 23, 2018 - Researchers identify common genetic connection in lung conditions
October 23, 2018 - Forbius initiates Phase 2a trial evaluating efficacy, safety of AVID100 in patients with squamous NSCLC
October 23, 2018 - Immunotherapy achieves major pathological response in early-stage mismatch repair deficient colon cancer
October 23, 2018 - New discovery may lead to better treatment options for pancreatic cancer patients
October 23, 2018 - FDA Approves Dupixent (dupilumab) for Moderate-to-Severe Asthma
October 23, 2018 - Researchers identify immune culprits linked to inflammation and bone loss in gum disease
October 23, 2018 - Despite lower risk factors, black men have higher rates of recidivism
October 23, 2018 - Study finds why pregnant women in mainland China, Hong Kong and Taiwan prefer cesarean delivery
October 23, 2018 - AbbVie’s U-ACHIEVE Phase 2b/3 dose-ranging study improves outcomes in patients with ulcerative colitis
October 23, 2018 - NCI grant awarded to Abramson Cancer Center to study CAR T cells In solid tumors
October 23, 2018 - Scientists use electron microscope to study chemical transformation in catalytic cross-coupling reaction
October 23, 2018 - Research offers new hope to men who received childhood cancer treatment
October 23, 2018 - New medical navigation system receives international innovation award
October 23, 2018 - Adverse Childhood Experiences Tied to Burnout in BSN Students
October 23, 2018 - High levels of oral disease among elite athletes affecting performance
October 23, 2018 - Study examines effect of immediate vs delayed pushing during labor on delivery outcomes
October 23, 2018 - LU-RRTC to spearhead capacity-building efforts for racial and ethnic populations
October 23, 2018 - Maintenance therapy with olaparib improves progression-free survival in advanced ovarian cancer patients
October 23, 2018 - Organic food may protect against cancers finds study
October 23, 2018 - Interweaving anxiety disorder associated with stuttering remains unrecognized
October 23, 2018 - Cannabis oil shown to significantly improve Crohn’s disease symptoms
October 23, 2018 - Knowledge of sex differences in lower urinary tract may help stimulate breakthroughs in diagnosis, management
October 23, 2018 - Common antibodies associated with myocardial infarction
October 23, 2018 - Study reveals new treatment option for women with advanced breast cancer resistant to hormone therapy
October 23, 2018 - Brain’s ‘Self-Control’ Center May Be Key to Weight-Loss Success
October 23, 2018 - Prosthetic valve mismatches common in transcatheter valve replacement, ups risk of death
October 23, 2018 - Can virtual reality help people become more compassionate?
October 23, 2018 - Screen time eclipsed outdoor time for most students, shows study
October 23, 2018 - SLU researcher seeks to find solutions for ‘chemo brain’ symptoms and side effects of opioids
October 23, 2018 - Plastics now commonly found in human stools
October 23, 2018 - Zoledronic acid increases disease-free survival in premenopausal women with HR+ early breast cancer
October 23, 2018 - Cancer survivors at risk for heart failure during, after pregnancy
Smoking can increase cost of life insurance premiums by 65%, analysis reveals

Smoking can increase cost of life insurance premiums by 65%, analysis reveals

image_pdfDownload PDFimage_print

New analysis by MoneySuperMarket today reveals that smoking, including e-cigarettes, can increase the cost of life insurance premiums by as much as 65 percent, which equates to over £312 every year.

Interestingly, insurers do not distinguish between daily, occasional or social smokers – if you’ve smoked in the past 12 months, you could end up paying more for your life insurance premium, an essential purchase if you have dependents. With their long-term effects on health yet to be agreed by experts, e-cigarettes are also viewed in the same way as normal cigarettes for life insurance purposes.

MoneySuperMarket analysis of quoted premiums for life insurance policies between January and April 2018 reveals that, on average:

  • Smokers pay £26.07 more for decreasing term insurance with critical illness cover (CIC) included
  • Smokers pay £16.59 more for level term cover with critical illness cover included – 48 percent more than non-smokers

With decreasing term insurance, the amount of cover reduces over the term of the policy, usually to reflect the reduction in the amount owed on a capital and interest mortgage. With level term insurance, the amount of cover remains the same for the duration of the policy.

According to MoneySuperMarket data, the highest proportion of people who have smoked within the last 12 months are between 36-45 years of age (30 percent), closely followed by 46-65 year olds at 28 percent. This is in stark contrast to under 25s, with only one in 20 (5 percent) having smoked in that time period.

Regionally speaking, the North West and South East of the country tied for the highest percentage of smokers. Just over one in 10 (12.6 percent) in both regions smoke, closely followed by Scotland with 11.7 percent, while Yorkshire and Humberside had the lowest proportion of smokers with just 8.8 percent.

Aside from existing health conditions and whether the applicant smokes, age is also a clear factor that affects the cost of life insurance. Analysis shows that monthly premiums skyrocket when taking out a policy over the age of 45 – as much as double the average price.

Variations in insurance premiums, broken down by age and group

< 25

25-29

30-35

36-45

46-65

Decreasing term

£15.89 CIC

£4.44 no CIC

£22.67 CIC

£5.18 no CIC

£31.29 CIC

£6.63 no CIC

£57.48 CIC

£11.32 no CIC

£124.49 CIC

£25.77 no CIC

Level term

£12.60 CIC

£6.23 no CIC

£15.67 CIC

£7.05 no CIC

£21.66 CIC

£9.19 no CIC

£36.67 CIC

£15.10 no CIC

£83.09 CIC

£35.01 no CIC

CIC stands for critical insurance cover, an optional extra that pays out a tax-free lump sum in the event of being diagnosed with a specified illness or medical condition during the term of your policy.

Kevin Pratt, consumer affairs expert at MoneySuperMarket, commented:

No one likes to think about death, but anyone with dependants needs to plan for the worst. Life insurance is there to provide financial support by clearing outstanding debts and, with some policies, providing funds to meet living expenses. The impact on families where no cover is in place can be devastating.

If you give up smoking and do not ingest nicotine for 12 months, you’ll be regarded as a non-smoker by life insurers. If you already have life cover and successfully give up smoking, it’s worth telling your insurer to see if they will adjust your premiums accordingly. Alternatively, you could run a fresh quote as a non-smoker to see what prices are available.

Remember, using nicotine in any form, including patches and gum, means you’ll be regarded as a smoker – you have to be nicotine-free for 12 months to get the lower premiums.”

To find out which life insurance policy is best for you, visit MoneySuperMarket’s range of guides on how to save money when searching for a policy.

Source:

https://www.moneysupermarket.com

Tagged with:

About author

Related Articles