Smokers looking to save money can end up saving significantly on life insurance if they quit, according to a study by United Kingdom comparison website MoneySupermarket. This works the same way in the United States as well, as quitting smoking for a long period of time will end up saving money on a policy.
"Not only can smokers reap the medical benefits of kicking the habit, but they can avoid letting their hard-earned cash go up in smoke too," Emma Walker, head of protection at MoneySupermarket said. "With significant savings to be made, those who make the decision to quit should shop around for the best insurance deal to suit their circumstances. Insurers will insist smokers have kicked the habit for [a minimum of] a full year in order to be classed as a 'non-smoker' and [potentially] qualify for savings on their life insurance premium."
MSN Money said people who smoke or those who have quit smoking should both shop to compare life insurance rates, as some companies will be more likely to give a more competitive quote on life insurance than others. Comparing rates amont carriers is on of the best ways to find competitive quotes on coverage.