1st October 2015
Given the high cost of a packet of cigarettes these days, anyone with a 20-a-day habit is spending just shy of £3,000 but they could enjoy a huge boost to their finances if they quit for good.
Thursday 1 October marks the start of the annual ‘Stoptober’ campaign while new legislation banning smoking in cars in England and Wales with passengers under the age of 18 has also been simultaneously introduced.
Research from MoneySuperMarket shows that a 30-year old who stops smoking now, and who lives for another 45 years would avoid wasting around £135,000 on fags in their lifetime – and that’s at today’s prices.
And, of course, they’ll also enjoy the health benefits of being smoke-free.
The comparison site’s analysis also highlighted that “stubbing out” cigarettes could also significantly reduce the cost of life insurance.
For example, a 30 year old man with £150,000 worth of critical illness and life insurance could save £2,970 over the 25 year term, or £9.90 per month, if they made the decision to go smoke free. Alternatively, a 30 year old man with £150,000 worth of single life cover could save £1,689 over the 25 year term, or £5.63 per month, by quitting. The British Heart Foundation estimates a smoker could save themselves a further £2,912 on the cost of cigarettes per year by not smoking.
Kevin Pratt, insurance expert at the comparison site said: “Smoking is notoriously one of the hardest habits to quit but, Stoptober is a great campaign that focusses smokers on a specific timeframe to kick the habit as a group. Furthermore, after successfully abstaining from smoking for 28 days, individuals are five times more likely to quit smoking permanently.
“Not only can joining the mass-quit result in health improvements, not paying for cigarettes will mean extra cash saved too. With further savings to be made on the cost of life and critical illness cover by being a non-smoker it can really make a difference to your wallet.
“For all those starting their journey towards a smoke free life this ‘Stoptober’, it is important to know insurers will insist smokers have kicked the habit for a full year in order to be classed as a ‘non-smoker’ and benefit from reduced life insurance premiums.”