Vaping Could Lower Your Insurance Costs

Vaping Could Lower Your Insurance Costs

A report from Public Health England issued late in 2018 concluded that vaping is around 95% less harmful than smoking. And this fantastic news is feeding into massive cuts in the prices vapers pay for critical illness insurance and life insurance.

Vapers can now pay the same personal insurance rates as non-smokers for health insurance.

It’s likely that vapers will soon be charged the same insurance rates as non-smokers receive, thanks to this valuable report from Public Health England.

Future Proof Insurance has launched a new comparison website targeting vapers and e-cigarette users looking around for the best insurance deals for life and critical illness cover. Up until now, vapers have been quoted the same insurance rates as smokers, however, this is not now the case. David Mead, the chief executive of Future Proof Insurance, says: “We wanted to build an easy to use a price comparison site to help vapers save money. The biggest winners are people who have only been vaping and people who have not been using tobacco products for at least 12 months.

Vapers signing up for the insurance price comparison site will discover they can save up to 50% on current insurance rates for critical illness or life cover and these benefits could well snowball as more insurers come on board.

Until now, the majority of insurers have dealt with vapers in much the same way as they handle clients who smoke cigarettes. For example, a 40-year old smoker taking out life cover of £200,000 for a 25-year term would pay just over £38 monthly. A non-smoker of the same age would pay just over £16 for exactly the same insurance coverage. And, with this new price comparison site, vapers can also take advantage of the lower price quoted for non-smokers.

The results of this study from Public Health England helped feed into MPs’ recommendations that the NHS start prescribing e-cigarettes in an attempt to help smokers quit the habit. The Science and Technology Committee stated that the option to prescribe e-cigs is being “overlooked” by doctors, who generally tend to prescribe nicotine chewing gum or patches.

About the Public Health England report.

Public Health England (PHE) has recently released a video showing their experiments on smoking and vaping and detailing the conclusions reached. A spokesperson commented: “It would be tragic if thousands of smokers who could quit with the help of an e-cigarette are being put off due to false fears about safety. We need to reassure smokers that switching to an e-cigarette would be much less harmful than smoking. This demonstration highlights the devastating harms caused by every cigarette and helps people see that vaping is likely to pose only a fraction of the risk.”

The government is in the process of persuading more smokers to take up vaping in attempts to quit their harmful habit and more campaign initiatives are anticipated.