1.  According to recent life assurance research by Sainsbury's Bank, many ex-smokers may be paying too much for his or her life insurance coverage. http://www.street-culture.net/festival-vulichnogo-basketbolu-ta-futbolu/ assert that during the past 5 years approximately 6.78 million people have given up smoking, however only a quarter of these people have informed their life insurance company.
2.  Time requirements differ between insurers; however, many companies look at a person to no longer be classed as a smoker after one year following quitting. By contacting their insurance carrier former-smokers will get themselves re-classed as a 'non-smoker' and potentially saving thousands of pounds over the term of these policy.
3.  According to their estimates, this means that there are around 2.2 million ex-smokers who could possibly be wasting at least L126.72 million simply by not reviewing their life insurance coverage requirements showing their healthier status and reflect that they are no longer a smoker.
4.  David Picket, the life span insurance manager of Sainsbury's Bank said, "The health benefits of giving up are well known, sufficient reason for a packet of cigarettes now costing over L5, the financial savings can even be substantial. However, once you've successfully quit, you could also make a saving in your annual life insurance premiums if you review the needs you have."
5.  Most policies require ex-smokers to have given up permanently in fact it is possible that even a handful of cigarettes in the pub on a Saturday night can consequently invalidate cover; however there can be big savings available (over 30%) for people who have completely quit. But despite the potential savings that are available, most people do not think to update their life insurance coverage policies and so miss out.
6.  Over the last few years, increases in the amount of competition, has lead to large reductions for potential policy holders, with basic term life insurance policies now costing less than L5 per month for a young and healthy non-smoker.
7.  Life insurance coverage comparison site Moneynet has good news for existing policy holders too, "Assuming you have existing Life Insurance Policies that have been taken out some time ago it could be worth considering a big change. Most Life Companies have considerably reduced their premiums over the last couple of years to take account of longer life expectancy and the advances in medicine."
8.  The costs of life insurance can vary significantly dependant on age, lifestyle and occupation, as well as between different life insurance providers, as not all providers evaluate the levels of risk to be insured in the same way. The ease with which you'll be able to check the difference in insurance costs between providers through the financial website The Motley Fool, Moneynet, or countless others that have sprung up in recent years, has also result in increases in public areas knowledge and competition within the further driving down the costs.
9.  While the news seems to be good all round for consumers it must be noted that much like all financial decisions, changing protection plans can be complex as the number of providers and various products increases and the costs of making the wrong decision could prove serious. It should be noted that levels of cover can vary widely and therefore a professional independent financial advisor should be sought if in virtually any doubt regarding a products suitability.
10.  Disclaimer:
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12.  All information contained in this short article, is for general information purposes only and really should not be construed as advice under the Financial Services Act 1986.
13.  You are strongly advised to take appropriate professional and legal services before entering into any binding contracts.
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