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 Comparison website money supermarket.com said there are big savings to be made in combined critical-illness and life cover.
A 30-year-old male taking out £150,000 cover for 25 years could save more than £6,000 in premiums by being a non-smoker.
The average smoker could also save themselves about £1,500 a year if they quit.
Emma Walker, head of protection at moneysupermarket said: “It is crucial smokers seriously consider both the medical and financial benefits of quitting, instead of letting their hard-earned cash go up in smoke. There are real savings to be made by kicking the habit and shopping around for the best insurance deal to suit your circumstances.
“To be classed as a non-smoker and qualify for life-insurance premium savings, insurers insist smokers have kicked the habit for a full year.”
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Moneysupermarket tips when looking for cover include:
Make sure your answers are correct and give all of your relevant personal information and medical history, or a subsequent claim might be rejected.
Don’t always be lured by the lowest premium or incentives. Look at policy coverage and extras within the cover to make sure you are getting the best value for money and the best coverage.
Always review cover at life-changing events such as a new job, having children, a change in marital status, increased debt or moving house.
When replacing a policy, seek advice and compare like for like, because the premium may be cheaper but the coverage might not be as comprehensive. Never cancel anything until new cover is in place.
If the premium is too big for your budget, consider taking some initial critical-illness cover that you can add to later.
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