Critical Illness Articles
How Smoking Costs You with Critical Illness Cover
Are you a smoker? Those tobacco puffs may be costing you more than just your health. In fact, smoking can cost your future claims for critical illness cover.
The Smoking Statistics
The number of smokers in the UK has steadily decreased since smoking surveys began in 1948. 60 years ago, 65% of men smoked cigarettes, and 82% smoked some form of tobacco. Only about 41% of women were smokers in 1948. However, since then, the numbers of smokers have decreased to about 22% for men and less than 20% of women in 2007.
Unfortunately, the vital statistics for smokers are grim indeed. Data posted by the Cancer Research UK show that about 114,000 people die each year as a result of smoking-related diseases. About 90% of all lung cancer diagnosis can be attributed to smoking, and according to the International Agency for Research on Cancer (IARC), tobacco can also cause cancer of the larynx, pharynx, nasal cavities, pancreas, liver, stomach, kidney, bladder, bowel, and ovary, as well as myeloid leukemia. Almost 30% of all cancer deaths in the UK, around 45,000 per year, are due to smoking, making it the number one preventable cause of illness and death.
The Real Cost of Smoking
Those people who choose to smoke end up paying in many ways. For an average smoker who consumes 10 cigarettes a day, the habit equals more than £20 a week, or about £80 a month, in out of pocket expenses. Additionally, if a smoker wanted to take out an income protection type of insurance like a critical illness cover, the costs could skyrocket.
How Much More Smokers Pay for Critical Illness Cover
For example, both a smoker and a non-smoker applied for a £100,000 critical illness policy. If both proposals were accepted, there would still be a disparaging difference in premium charges. The non-smoker would pay an average of about £25.70 per month, while a smoker paid £44.60. The difference certainly adds up quickly for the same critical illness cover policy. Over 30 years, the total is a difference of £6,804!
The reason is obvious. Smokers have a much higher chance at developing a serious illness during their lifetime. Critical illnesses such as cancer and heart disease are prevalent among smokers, and smokers who develop even non-serious illnesses can take much longer to recover.
The Silver Lining in the Cloud of Smoke
The good news for smokers is that they can get their critical illness cover premiums reduced. If a smoker should quit for at least 12 months, life insurance and critical illness companies will consider them non-smokers, and they are eligible for reduced premiums. However, this means giving up all tobacco replacement products, as well such as nicotine patches. With a determined attitude, the dangers of smoking can be a drag of the past and savings in the future.
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