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Giving up smoking could transform you finances as well as your health. Smoking is detrimental to health and is a leading cause of life threatening illnesses. As a result smokers pay far higher premiums for life insurance than non-smokers as the risk of them dying early is greater. Smokers could save up to 51% on their life insurance if they quit their bad habit of a lifetime. If you recently gave up smoking on National no smoking day, (9th March 2005) say goodbye to expensive life premiums and an unhealthy bank balance. Last year more than 1.4 million people gave up smoking on National no smoking day.

As smoking is becoming more and more unfashionable with an increasing number of smoking bans in bars and restaurants surely now is a good time to stop the unhealthy habit?

According to research, if you combine the cost of cigarettes and the amount smoking adds to the cost of life insurance, a mid 30s male smoking 20 cigarettes a day could save £49,090 over 25 years. A smoker's life insurance rates are approximately double that of a non smoker.

People planning to quit on no smoking day cannot expect to see their premiums fall immediately. Most insurers insist that policyholders have not smoked for 12 months before they can be classified as a non smoker.

If you have survived 12 months without a cigarette you must remember to inform your insurance company of your change of circumstances. It is also important to shop around to find the best deal when renewing your policy as it is highly likely that the best premium will be from a different life insurance provider.