An insurer is urging smokers to quit the habit by seeing how much they could save if they stubbed out cigarettes for good.
Life insurer PruProtect, ahead of No Smoking day on the 12th March, are informing smokers that by giving up, not only will they save on the money that they would normally shell out on cigarettes; they could also make substantial savings on their life insurance premiums.
Over the term of a life policy, savings could be as high at £12,500*, they have revealed. In the study carried out by Opinium using a panel of 2,000 consumers, they found that rather than people wanting to save money, 20% were actually prepared to spend up to an additional £1 per packet.
Alarmingly, 60 out of those surveyed would pay up to £15 more per packet to satisfy their habit.
* Based on a 40 year old male smoker who would pay £107.54 monthly for £100,000 of life and serious illness insurance over 25 years. A non-smoker would pay £65.65 per month, equating to a saving of £41.89 per month, £502.68 per year x 25 years = £12,567
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