Give-Up Smoking and You Could Afford €2.5 Million in Life Cover
New Ireland Highlights the Benefits for Non-Smokers on World No Tobacco Day
With World No Tobacco Day on 31st May, New Ireland Assurance reports that the average 20-a-day smoker could finance life cover worth €2,500,0001 using their monthly outlay for cigarettes if they stopped smoking.
While life cover of €500,0002 could easily be financed by just one week’s expenditure on a 20-a-day smoking habit.
In addition, the life company says that being smoke-free can add at least six years3 to your life. Offering the consumer the inside track, New Ireland shares the insight that a 35-year-old smoker will pay the same for their life cover as a 41-year-old non-smoker, demonstrating the fact that on average smokers will die six years earlier.
With the cost of life insurance 45% cheaper4 for non-smokers New Ireland are encouraging those who still smoke to consider kicking the habit for the sake of their health and finances.
Brian Grimes, Head of Protection Business, New Ireland Assurance commented; “People who smoke are more likely to have serious health issues at some stage in their lives so it is understandable that life insurance is more costly for smokers. With close to 7,000 people dying from tobacco related disease in this country each year, our calculations demonstrate that there are real financial as well as health benefits in giving up smoking.”
The latest statistics5 show that over a quarter of the population between 16 – 64 years smoke, creating significant implications for their overall health now and in the years ahead.
New Ireland Assurance is one of Ireland’s leading providers of life assurance and critical illness cover. In 2007, the life company paid out over €50 million in death and critical illness claims to almost 700 customers.
An analysis of New Ireland’s claims in 2007, show that a massive 55% of critical illness claims made were by those aged between 25 – 49 years. While a quarter of all death claims were paid to customers in the same age group.
Brian Grimes concluded “We all think it won’t happen to us, but serious illness and unexpected death are becoming more commonplace for those in their 30’s and 40’s. Our figures demonstrate how affordable a decent life cover policy can be, costing considerably less than that of 20 cigarettes a day.”
- Monthly premium of €230 will secure level term assurance of €2,500,000 for a male non-smoker aged 35 over 28 years.
- Monthly premium of €52 will secure level term assurance of €500,000 for a male non-smoker aged 35 over 28 years.
- Based on level term assurance quotations of €300,000 for a male smoker aged 35 over 25years and non-smoker aged 41 years.
- Based on level term assurance quotations of €300,000 for a male smoker and non-smoker aged 35 over 25 years.
- Source: CSO EU SILC
Public Relations Manager
New Ireland Assurance
Ph. 01 6172586
Mob. 086 8562929
Group Corporate Communications
Bank of Ireland
Ph: 01 604 3750
Notes to Editors:
New Ireland Assurance offer non-smoker rates to ex-smokers once they have remained off tobacco for 12-months.
New Ireland Assurance Company plc is regulated by the Financial Regulator and is a member of the Bank of Ireland Group.