In our last article we touched on our health being our wealth and protecting ourselves and those around us from the financial implications of serious illness or death. Smoking is still one of the leading causes of avoidable deaths in Ireland according to the HSE. There are an estimated 864,000 smokers still in Ireland (*Report prepared on behalf of the Tobacco Free Ireland Programme, Health Service Executive 2018). Perhaps recently you have took a giant stride forwards on the health front and took the brave first step on quitting smoking. If you did, congratulations. The benefits of quitting are well documented, but it may have slipped your mind that you took out life cover, income protection or specified illness cover while you were a smoker. If you are smoke free now is the time to review all the protection cover you have in place.
If you have not used any tobacco products in the last 12 months, including the use of e-cigarettes and nicotine replacement products such as patches or gum and with no intention of doing so in the future then you may be considered a non-smoker by the insurance company.
Taking an individual who will be 45 on their next birthday below are the differences across individual life cover, specified serious illness and income protection policies for smokers versus non-smokers rates. These are for new policies with no other family histories or medical conditions. Figures are the best-in-market prices.
Some pretty significant savings there which you should probably put towards your pension now that you will be living longer!! We can help you with that too.
A word of caution when it comes to smoking status for protection applications. Vaping or e-cigarettes still count as smoking as does the “occasional cig”. You are also classified as full smoking status even if you consider yourself to be a “social smoker” although with Covid none of us can be considered that anymore. If you have smoked or used nicotine replacement products in the last 12 months, it can null and void your contract. Full disclosure is paramount.
If you would like a full protection review you can contact Niall McBride on 091-769566 or and we can arrange a video call or chat with one of our advisors to discuss your particular financial requirements.
If you are smoke free now is the time to review all the protection cover you have in place.