10th June 2014
Irish Daily Star: Quit to save on cost of policy
Smokers could save thousands of euro on insurance cover if they gave up cigarettes today, and expert claimed.
Insurance Broker Peter O'Reilly said smokers are usually considered a higher risk and are charged higher premiums for policies to cover categories such a mortgage protection.
Dubliner Mr O'Reilly, who runs Low.ie, said as well as the annual cost of a 20-1-day habit, savings can be made across other categories such as life assurance, serious illness cover and income protection.
He claimed the tenth anniversary of the smoking ban this month is a good oppertunity for smokers to reflect on those financial benefits as well as the health effects.
Mr O';Reilly added: "On mortgage protection alone, a smoking couple on their mid-30s with a 30-year mortgage of €250,000 will pay an extra €8,384 over the lifetime of their premium.
"If the same couple were in their early 40s that would increase to €20,330 extra."
"If smokers looked at what they could buy with these savings in pratical terms, it would be a huge added incentive to kick the habit."
Low.ie claims to have saved customers a combined total of €500,000 over the terms of their policies.