Life insurance could be cheaper if you gave up smoking

Smoking is one of the many factors that can affect your life insurance premium.

This is because insurers believe that smokers are more likely to claim earlier on their life insurance policy due to lower life expectancy. Insurers weigh up the likelihood of an applicant making a claim and price the cover accordingly.

Life insurers like LV=, classify you as a smoker if you have used any tobacco products in the last 12 months. That includes everyone, from the ‘one packet a day’ smokers to the occasional cigarette smoker.

While you can’t change other factors such as your age, height or family history, giving up smoking is one of the most effective ways of reducing the cost of life insurance.

The damage smoking can cause has been covered extensively in the media, and there are prominent warnings on tobacco products, but it's still a big habit in the UK.

Tobacco contains the addictive drug nicotine, as well as a whole range of other harmful chemicals. These can cause a very long list of diseases and health problems including lung cancer, heart disease and impotence.

Quitting smoking isn't easy, but there are plenty of good reasons to do it.