Former Smokers Urged to Review Life Insurance Arrangements
Sainsbury's Bank says people who have stopped smoking should review their life insurance policies
17th January 2006
New figures from Sainsbury's show that although nearly 7 million people have given up smoking over the last 5 years, only 26% of them have told their life insurance company about their change in circumstances.
As smoking is considered one of the greatest risks under most policies, former smokers can often make substantial savings on their premiums when their giving up is taken into account.
Most policies will require a non-smoking period of one to two years before reclassifying the policyholder as a non-smoker, but even so Sainsbury's estimates that ex-smokers are paying a collective total of over £126m a year more than they need to.
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