Ex-smokers losing money by not telling insurer
Former smokers are wasting millions by not informing their life insurance company that they have given up the habit.
Sainsbury's Bank said that out of the 6.78 million people who have given up smoking in the last five years, only a quarter have told informed the firm responsible for their life insurance.
The company said that policies were significantly cheaper for non-smokers. People who have kicked the habit for at least 12 months would be entitled to as much as £20 a year off their own life insurance policies, depending on age and gender.
'Since December 2004, as many as two million people have given up smoking. The health benefits of giving up are well known, and with a packet of cigarettes now costing over £5, the financial savings can also be substantial,' said life insurance manager David Pickett.
'However, once you've successfully quit, you could also make a saving in your annual life insurance premiums if you review your requirements.'
Quitting smoking could make life insurance, which pays out claims upon a person's death, appealing to more people. | 
