Life Insurance - Smokers and Overweights Pay Over 50% More!

The life insurance industry becomes tougher on smokers and those of us who are overweight.

When an insurance company calculates its premiums, it is to work out the risk of you dying whilst the policy is in force. (Or with critical illness insurance, the risk that you become critically or seriously ill during the policy term.) In this context, smoking and obesity are becoming increasingly important issues.

The life insurance sector, sharp ignores the views of some Pro-smoking pressure groups, who argue that smokers under age 40 have about the same probability of dying as nonsmokers. David Pickett, Life Insurance Manager at Sainsbury's spoke for the insurance industry, where he confirmed, "Health is associated with smoking can have significant influence on life cover costs. It is essential for those who have kicked the habit to change their policies" .

Just how great an effect smoking has on life insurance costs was highlighted in a recent survey snapshot www.express-life-insurance.co.uk. This found that the average smoker paid 56% more than a non-smoker. The study was based on nine of the UK's top insurance companies and examined the premiums quoted for two men aged 30 asking for £ 100,000 cover over 25 years. The only difference between the application details was that one was a smoker and the other was not.

Life insurance industry has also recently tightened its belt on the overweight members of society. Previously only those with a Body Mass Index of 33 or higher was considered overweight. This level has now been reduced by 16%. Now anyone with a BMI of 28 or more, likely to face premiums loaded by 50%. If you are interested to know if that includes you, you should use a calculator! BMI is calculated by dividing your weight in kilograms by your height in meters squared and the result.

So if you intend to apply for life insurance may be good to solve a few pounds first - oops kg - and they are much harder to lose than pounds!

It is not quite so straightforward for smokers. To qualify as a non-smoker, most insurance companies require that you do not have "smoked or otherwise consumed any nicotine products during the previous 12 months." In fact, some companies go further and extend the qualifying period of 5 years!

Because premiums for smokers and chubbies are so high, it becomes even more important to find the cheapest possible prices. As you are an Internet surfer, the odds are you country a good discount. Just search for cheap life insurance and let your fingers do walking! You can still pay more, but the discount will mitigate the impact on the wallet. Expect online savings of 10% - 15%.