Quit Smoking? It’s Time to Check Your Life Insurance Premiums

Does quitting smoking make a difference to your life insurance premiums? We investigated.

Whether it's due to the recent tobacco ban cramping your style or because you've just decided you've had enough, if you've finally kicked your smoking habit, congrats! That's a great step towards living a healthier life and putting some welcome cash back in your pocket. But there's even more - an additional benefit you might not have thought about - saving on your life insurance premiums.

Why quitting makes sense and cents

Let's do a comparison. Vuyo is 40 years old and smokes 10 cigarettes a day. He compares life insurance quotes on Hippo and is provided with policies starting at R374.37. But let's say he has never smoked, or has not been a smoker for at least the past 12 months - when he does a quote on Hippo, he is provided with policies starting at R214.28.

If Vuyo kicked the habit for up to 12 months, he could save up to R160 on his life insurance premiums. Plus, if we assume that he spends R570 (15 boxes of cigarettes at R38 each) a month on his habit, it's a total saving of R730 per month. Over a year? Mike could save an extra R8,760. Think of all the things he could do with the extra cash!

How long before you're a "non-smoker"? (Plus why you can't cheat)

Insurers generally consider you a smoker if you've used any kind of nicotine product in the past 12 months. So if you've successfully managed to quit, you'll need to stick it out for a year before you move from "smoker" to "non-smoker".

And if any of your smoking friends suggest you can beat your insurer's medical exams and be classified as a non-smoker even if you aren't, best nip their bright idea right in the butt! Those exams not only test for nicotine, but also for another chemical your body produces after being exposed to nicotine: cotinine. And while nicotine may disappear from your system within a few hours, cotinine remains in your body for much longer. If you fail to disclose any information that could affect your premium during these exams, you could be at risk of not being paid out. Besides it's just not cool to be dishonest.

Read more: How to Pick the Right Life Insurance Policy

Compare quotes before you commit

Once you're sure you can tick that "non-smoker" box with confidence, go to Hippo.co.za and compare life insurance quotes from a range of life insurance companies in South Africa to find the right life insurance policy for your needs.

When comparing life insurance policies, make sure you pay attention to any exclusions in the contract. And before you agree or sign anything, make sure you understand the policy document, the details of your cover, what's expected of you and what your provider or insurer is offering.

This article is for informational purposes only and should not be construed as financial, legal or medical advice.

The insurance premium rate quotes provided in this article are for informational purposes only. The insurance rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or insurance coverage implied, formed or bound by the provision of rate quotes. Insurability, final insurance premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your insurance policy.