Monday 24th of January 2011
Adults in the UK already in financial turmoil and considering asking individual voluntary arrangement (IVA) questions may be exacerbating their problems by being lackadaisical with their insurance policies.
New research carried out by Sainsbury's Life Insurance has found around 3.3 million ex-smokers are paying a collective £316 million more a year on life insurance premiums than they need to.
The investigation showed this unnecessary waste is taking place simply because individuals have failed to inform their provider that they have given up.
Andy Gray, Sainsbury's Life Insurance product manager, said: "Your life insurance premium could decrease as you are demonstrating that you've made efforts towards living a healthier lifestyle."
The industry figure observed the financial benefits of giving up smoking are often overlooked in favour of the health advantages.
Meanwhile, recent research carried out by Direct Line found more than £200 billion of household items are at risk because they are being underinsured.
By Rachel Powell
- Debt consolidation loans falling, figures show
- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- Paying off debt 'more important than saving'
