Everyone knows that smoking is bad for your health, but did you know how bad it could be for your wealth? Ignoring the actual costs of smoking, if you want to insure yourself, the difference in premiums between smokers and non smokers can be large, more so for men than women.
As an example (source RSA), a 10 year term assurance for £150,000 cover would cost a 30 year old male smoker £14.42 per month. If he did not smoke, it would cost £10.30 - a difference of £4.12 per month.
For a 30 year old female, based on the same cover, it would cost £12.60 if she smoked and £10 if she did not. The difference is £2.60 per month.
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