Do you want to half the cost of your life cover? It’s possible if you’ve switched to e-cigarettes!
8 December 2017
Do you want to half the cost of your life cover? It’s possible if you’ve switched to e-cigarettes!
Do you know anyone who has quit cigarettes and replaced them with e-cigarettes? If so, they need to read this. If you have switched to e-cigarettes for over 12 months, it could be possible to half the cost of your Mortgage Protection, Life Cover and/or Serious Illness Cover.
E-cigarettes are still a relatively new product with research being carried out on their effects all the time. There are only two Insurance Companies in the Irish market currently offering non-smoker rates for e-cigarette users, providing they have not smoked any form of tobacco within the previous 12 months. This classification is being kept under regular review by the Insurance Companies and may change either way based on new research.
Over 135,000 people in Ireland have now swapped a traditional tobacco cigarette for an e-cigarette; in a drive to not only reduce health risks, but also to join the new trend of social vaping. The growth of e-cigarettes has aided the global industry which is now valued at around €1.7billion. It is quickly gaining speed and forcing cigarettes out of the open market.
American authorities have treated e-cigarettes on a par with tobacco products, with heavy taxation and strict advertising. Australia has banned sales, allowing for certain loopholes around importation from abroad. Brazil has implemented a complete ban on their sales advertising. The UK however has taken a different approach. In January 2016 a licence was granted to permit the e-Voke device to be marketed and sold as a smoking cessation aid.
The Irish Government has yet to evolve their stance on e-cigarettes; however, it is probable that e-cigarette users in the future will more than likely be treated as smokers by all Insurance Companies. This is due to statistics showing that most e-cigarette users continue to have the odd cigarette or return to smoking.
If you are an e-cigarette user, now is the time to review your policies; however, as mentioned above, you need to be careful which of the Insurance Companies you apply to. You should contact an Independent Financial Adviser who can review the market for you and advise you which Company you should apply to for your Mortgage Protection, Life Cover and/or Serious Illness Cover.
Jacinta Clerkin QFA RPA is a Qualified Financial Advisor and Retirement Planning Advisor. You can contact her through John F. Loughrey Financial Services by telephone on 074-9124002 or by email on jacinta@jfl.ie
