Quit smoking and save £1,700 a year
If you're looking for any extra encouragement to join Stoptober and quit smoking this month, perhaps the financial cost could be just that.
The average smoker gets through 13 cigarettes a day, according to the NHS, landing them with a weekly bill of £32.60, a monthly outgoing of £141 and an annual spend of £1,696.
As the British Heart Foundation points out, that's enough for a new pair of shoes or facial a week, a shopping spree or premiership football ticket every month, or a new sofa every year.
Smokers also pay hefty premiums for financial products. For example, AA Life Insurance reveals that smokers paying the same premium as non-smokers will have around 50% less cover.
Mark Huggins, managing director of AA Life Insurance, said: "Smoking isn't a cheap habit and it certainly isn't healthy – that's why smokers pay more for life insurance.
"Lots of people take out life insurance to pay off a mortgage or provide a lump sum or regular income to family if they're no longer around. But smokers should be aware that non-smokers get the better deal when it comes to life insurance."
He also warned: "It's vital that you're honest when you apply for life insurance so don't be tempted to be economical with the truth. Even if you only smoke occasionally you're still classed as a smoker. You might not consider yourself to be a smoker, but even smoking once in a while could mean that a claim made on your policy wouldn't be met."
The insurer pointed out that, in most cases, a former smoker will be classed as a non-smoker once they've been smoke-free for a year before taking out a policy. And the rule applies to smokers of cigarettes, cigars, a pipe and e-cigarettes.
"Stoptober is a great time to give up smoking if you've been thinking about doing it. There are a huge number of resources to help you to quit so you don't have to go it alone," said Huggins.
For more information, go to gosmokefree.nhs.uk.
Generally thought of as being interchangeable with life assurance, but isn’t. Life insurance insures you for a specific period of time, at a premium fixed by your age, health and the amount the life is insured for. If you die while the policy is in force, the insurance company pays the claim. However, if you survive to the end of the term or cease paying the premiums, the policy is finished and has no remaining value whatsoever as it only has any value if you have a claim. For this reason, life insurance is much cheaper than life assurance (also called whole of life).