Tipperary’s 22,500 smokers pay double for life insurance due to health risks
January is a time when many people set new health goals, and those who smoke might decide that this year they’ll quit the bad habit once and for all.
Royal London experts advise smokers in Tipperary who are considering quitting that they could be further incentivized by the fact that those who successfully quit in January 2021 could now significantly reduce the cost of their premiums life insurance.
New figures from leading protection specialist highlight how much of a difference smoking can make in covering the cost of living; smokers expecting to pay twice as much for their life insurance as non-smokers.
Tadhg Malone of Royal London in Tipperary, commented: “The national average smoker is 18%, which equates to 22,593 people in Tipperary. We want to let all of these people know that they could reap huge financial benefits if they can successfully quit this habit.
Mr Malone continued: “In Tipperary alone there are around 22,055 adults in the 45 to 54 age bracket, which would mean around 5,200 of those people smoke.
Mr Malone concluded: “There is a general trend in Ireland towards fewer smokers, which of course is a positive. It shows that government campaigns to reduce the number of smokers seem to be working.
“If you’re someone who successfully quit smoking more than 12 months ago and already has life insurance in place, you could potentially get a reduction in the cost of your insurance premiums.”
If you wish to be reclassified as a non-smoker for life insurance purposes, you must not have used tobacco products in the past 12 months and have no intention of using any in the future. This includes electronic cigarettes and nicotine replacement products such as patches or chewing gum.
“In addition to providing health information, your insurer may ask you to take a cotinine test (smoker’s test). This is a simple test that involves screening a sample of saliva or urine to detect tobacco consumption.
“Each year, thousands of people across Ireland aim to quit smoking, with the start of a new year seen by many as the perfect time to jump-start their health goals.
“While we all know that quitting smoking isn’t easy, the Healthy Ireland report shows that the prevalence of smoking in Ireland is falling as more and more people manage to quit smoking. Beyond the physical health benefits, people can also derive significant financial benefits.
“It’s quite common to hear stories of people saving money by not buying cigarettes for a year and motivating themselves by allocating it to a car or vacation. But a lesser-known motivator is the thousands of savings that can potentially be made on their life coverage.