Smokers, drinkers and junk food addicts can slash life insurance premiums in half by giving up bad habits
Unhealthy Britons could save hundreds of pounds each year on their life insurance policies if they give up their bad habits, experts have claimed.
Quitting smoking, losing weight and cutting down on the booze could help slash your premiums in half.
Insurer Beagle Street says that a 46-year-old male smoker would pay around £38.53 a month for a level-term life insurance policy providing £150,000 of cover over 15 years, but if they stopped smoking the premium would reduce to just £16.75 a year after they gave up.
Matthew Gledhill, managing director, said: 'Everyone knows the health benefits that quitting smoking can bring, but an added bonus is the ability to potentially save over 50 per cent on your monthly life insurance premiums after just one year of being a non-smoker.
'If you have stopped smoking, lost weight and reduced your BMI, or reduced your alcohol intake, this could impact life insurance premiums.
'Our advice to consumers is that if you've given up smoking for more than 12 months since last taking out life insurance or critical illness cover - or made another lifestyle or health change - it would be worth shopping around for a new policy because you may be surprised by what you could save every month.'
It is not just lifestyle changes which can reduce your premiums but also improvements in medicine.
More... Tricks to get the cheapest life insurance quote Thousands of pensioners with 'whole-of-life' policies face shock insurance hikes Looking for cover? Get a life insurance quoteFor example, if you suffer from type 2 diabetes or asthma and the conditions are brought under control, or have improved since taking out a policy, then this could reduce your premiums.
Mr Gledhill added: 'Many people buy life insurance and forget about it for years. We recommend that people review their life insurance regularly to ensure it accurately reflects their current health and financial commitments.'
Declaring medical and lifestyle information can also benefit you if you are retiring and due to take an annuity.
Enhanced annuities, which take into account potentially life-shortening information such as long-term health conditions and smoking habits, can increase a retirement income by up to 30 per cent compared to conventional annuities.