Life insurers are on red alert for smokers fibbing on life and critical illness cover application forms at a time when premiums for smokers are at an all-time high, research suggests.
According to Onlyinsurance.com, monthly premiums at Legal & General (L&G) for a 25-year-old male smoker after a £100,000 life policy over 20 years are £184 a year, while a non-smoker of the same age would pay just £108. In addition, a male smoker applying for critical illness cover (CIC) with Liverpool Victoria Life can expect to pay nearly £95 a month, and £1,125 a year, while a non-smoker will pay less than £50 a month. The disparities are similar for female smokers and non-smokers, but less stark given their higher life expectancy. Onlyinsurance.com says insurers are on the look-out f...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
