London, England (PRWEB) January 21, 2009
New non-smokers should seek out the cheaper premiums on offer to bolster the substantial cut in expenditure on cigarettes themselves.
However many may need to wait before reaping the benefits, as companies only offer cheaper premiums to those who have not smoked or used tobacco/nicotine replacement products for more than 12 months.
LifePROMPT is a new service from L&C for those that have kicked the habit but will not qualify for cheaper protection for a few months. L&C offers free whole of market advice on protection but for those not yet classed as a non-smoker, LifePROMPT offers the ability to diarise an email or text reminder for a review at the appropriate time.
Richard Morea, technical manager at L&C Mortgages says, "Life assurance is essential for many of us and in today's economic climate getting the best premium becomes even more important."
You can register for LifePROMPT online at http://www.lcplc.co.uk or by calling 0800 373300.
Savings calculated using the most recent NHS figures (2007-08) on the number of smokers who had successfully quit when followed up post quit date (350,800).
Savings for target age groups based on a level term assurance policy for £150,000, over a 20 year term for sample ages 25 and 40, and a 10 year term for sample age of 50.
Age group: 18-34
Sample age: 25
Monthly saving: £2.71*
Number of quitters: 90,214
Annual saving: £2,933,759
Age group: 35-44
Sample age: 40
Monthly saving: £13.28*
Number of quitters: 85,640
Annual saving: £13,647,590
Age group: 45-59
Sample age: 50
Monthly saving: £29.07*
Number of quitters: 98,520
Annual saving: £34,367,716
*An average of the savings made by both genders, on the cheapest guaranteed premium for a non-smoker, compared to that for a smoker.
If 75% have a need for life assurance the savings per annum would be £38,211,798.
London & Country Mortgages Ltd is the country's leading whole of market no-fee mortgage broker and submitted over £4bn of mortgages to over 70 lenders in 2008.
David Hollingworth, Head of Communications
01225 341211 / 07710 634044
Richard Morea, Technical Manager
01225 341312 / 07970 885168