Did you know that if you stop smoking for 12 months you can change to pay non smoker premiums?

If you’re a smoker you can expect to pay much higher life insurance premiums, sometimes twice as much as a non-smoker of the same age.

For those people that take out cover as a smoker – the insurance company reward you if you go 12 months without smoking – you can go onto non-smoker rates and reduce your premiums. If you start smoking again after that you still only pay non-smoker rates.

It is your responsibility to inform the insurance company if you have stopped smoking, and they will only change your smoking status and lower your premiums from the date that they are informed, not the date that you stopped smoking.

At Nest we check in each year with our clients to see if they have stopped smoking – this is another good reason to use a broker. Your bank or the online insurance company wont be calling you to review and check in on these type of things.

Pass this onto someone that has stopped smoking recently, you might save them some money!