UK Money News
4th April 2008
Smokers urged to own up to insurers
Smokers have been urged to resist the temptation to lie about their habit to life insurance providers.
Analysis conducted by Onlyinsurance.com found that a 40-year-old smoker can expect to pay around £93.78 per month for critical illness cover.
This compares with just £49.26 for a non-smoking male of the same age.
The disparity in the cost of cover effectively incentivises lying to insurers to secure cheaper premiums.
However, according to Ian Durrell of Onlyinsurance, lying on your disclosure forms could prove a false economy, since if the secret habit is discovered insurers will typically refuse to honour a claim.
He said: "Smokers who declare they have given up but continue to smoke, no matter how infrequently, will be paying for nothing should they die from a smoking related condition.
"The policy simply won’t pay out and their beneficiaries will be the losers."
Mr Durrell added: "Smokers will pay twice the price for critical illness cover than a non-smoker - it's a no win situation for the smoker, their nicotine addiction is tightening both their heart and purse strings."
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