It goes without saying that if you smoke the risk of contracting a serious illness such as lung cancer is greatly increased. As a result the cost of life cover for smokers can be up to double that of non-smokers.
Life companies treat applicants as smokers if they have smoked in the last 12 months. So a sneaky 'fag' at a party 8 months ago whilst under the influence or a celebratory cigar at a friends' wedding would significantly increase costs. Non-disclosure would jeopardise the payment of any benefit.
Not many people realize that if life cover has been taken out as a smoker and the policyholder quits smoking then it pays to re-apply for cover to enjoy much lower premiums and possibly save thousands of pounds in unnecessary costs.
Again it pays to always be aware of details like this.
Chirag Shah
Director, Kassius Ltd
