You can get more for your second hand car, pay less on redecorating your house (unless you're happy to live with those lovely nicotine yellow stains) and your life insurance costs will take a big hit too. In fact, most insurance companies will give you a 50% reduction just for being a non-smoker. Not a bad start for reasons to quit!

Premiums are still increasing for smokers; mainly attributable to competition on the internet. With companies wanting their initial quotation to be the most competitive for those performing internet searches, they have generally lowered their base rates. Obviously with a loss of income from this area they want to find ways to restore their profit margins, and this is where we smokers come in! Once the initial premium has been offered, all these self imposed health risks will push the price skywards.

How do we get these benefits of being a non-smoker? Well, give up is the easy answer! Although, having given up many times personally, I know the hardest bit is to stay stopped. I managed a year last time, and this is the bare minimum most insurance companies will consider before they reduce your premium. In fact, many companies ask for five years without smoking before you are considered to be a non-smoker.

There will no doubt be a thorough investigation of your medical records before any payout which means that being dishonest with them is highly unlikely to be beneficial. Staying stopped is the only viable solution for cheaper life insurance and, of course, better health.

So, having given up for a year or five, what is the best way of reducing your life insurance costs? Well, the first option is to contact your current policy holder (if you have one) and ask for the premium to be revised. It also pays to check out other insurers as well, as competitive new offers will almost certainly be available to new customers. Why not start with a search on our website.

Once you have found your preferred policy it's time to cancel the old one unless, of course, you have decided to stay with your current policy holders. However, if you have found a cheaper offer elsewhere (which is likely, so do check all the options before choosing your new policy) you won't want to pay for 2 policies! The easiest solution is to simply cancel your existing direct debit. You can be sure they will contact you to ask why, which is when you can inform them that you no longer need their cover.

A note of caution before cancelling your old policy; don't cancel until your new policy has been accepted and goes “on risk”. Depending on your detailed answers you provide on your application form, the insurer may decide to increase your quote from their initial base rate quote. So proceed cautiously.

A complete ban on lighting up in enclosed public places is coming into effect by Summer 2007. Perhaps this should be the catalyst for many of us to finally hang up the smoking jacket once and for all. After writing this article, I may consider doing so much sooner!

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