This is a guest article from Reassured Ltd.
The rise of e-cigarettes in the UK
Over recent years, whilst there has been a marked decline in the number of UK smokers, the nicotine replacement market has thrived. The vaping industry alone is on course to be worth a staggering £2bn in the UK by 2020.1 Whether it be gum, patches, sprays or most significantly e-cigarettes, there are now a wealth of nicotine replacement products available.
These replacement products are seen by many smokers as a vital stepping stone on the road to quitting the habit.
As our young adults move away from traditional cigarette smoking, they are moving in large numbers towards alternative products, such as e-cigarettes.
The prevalence of vaping amongst 16 – 24-year-olds increased from 2% in 2015 to 6% in 20162, and is still on the rise.
The impact on monthly life insurance premiums
It is common knowledge that insurers treat smokers differently to non-smokers because statistically, they are much more likely to make a claim. To mitigate this risk, they therefore charge higher premiums.
Insurer SunLife suggests smokers could pay as much as 75% more on their monthly life insurance premiums over the policy term3. Whereas, research published on MoneySavingExpert4 suggests this increase is higher still, at +96% for a fixed term £200,00 policy over, 20 years.
But did you know that you have to give up smoking for a minimum of 12 months for insurance providers to regard you as a non-smoker? Or that insurers still classify you as a smoker if you use nicotine replacement products? As a result, your premiums are likely to be the same as that of a smoker.
Save £1000s on cigarettes, improve your wellbeing & reduce your insurance premiums
Why not take this opportunity to save yourself thousands of pounds in 2018, and increase your life expectancy at the same time by giving up smoking?
The average smoker currently smokes 11 cigarettes-a-day5. Which means a cost of approximately £1,800 every year.
There has never been a better time to quit – the cost of cigarettes is spiralling (80% of which is tax), there are many replacement products available, and there are a wealth of websites offering support.
Join the growing number of ex-smokers who have taken up vaping? Yes, but with a long-term plan to wean yourself off of e-cigarettes within 6-12 months.