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How much smoking really costs you
Direct Costs
The direct cost of smoking is the amount of money you spend actually purchasing your cigarettes: -:
| 10 a day | 20 a day | 40 a day | |
|---|---|---|---|
| 1 Year | £1004 | £2008 | £4017 |
| 2 Years | £2008 | £4016 | £8034 |
| 5 Years | £5020 | £10040 | £20085 |
| 10 Years | £10040 | £20080 | £40170 |
| 20 Years | £20080 | £40160 | £80340 |
| 40 Years | £40160 | £80320 | £160680 |
Hidden Costs
The cost of smoking isn't confined to the cash you spend buying your cigarettes. There is a significant hidden cost as well.
- Term Life Assurance - often part of your mortgage, making it more expensive
- Critical Illness Insurance
- Permanent Health Insurance
So what are these Hidden Costs going to cost you?
If you had term assurance, critical illness, private medical insurance, permanent health insurance then typically you'd pay around £37,000 more on them as a smoker over 20 years than a non-smoker, see below for a breakdown on these costs.
Term Life Assurance
There are two main types of term assurance, one that covers your mortgage and one that is designed to pay out a lump sum to protect your family's finances in case you die. Both only pay out if you die within a fixed term and as such, costs increase the more likely you are to die within the set period of your policy.
Price for smoker |
Price for non-smoker |
Price Difference |
|---|---|---|
£11,600 |
£5,350 |
£6,250 |
Prices for single man aged 40 |
||
Critical Illness Insurance
This pays out a lump sum if you're diagnosed with one of a pre-defined list of critical illnesses and has a high smoking price difference. The increased cost also reflects the fact that the payment is all in one big lump sum.
Price for smoker |
Price for non-smoker |
Price Difference |
|---|---|---|
£50,000 |
£26,000 |
£24,000 |
Prices for single man aged 40 |
||
Permanent Health Insurance
This is often called an income replacement plan as it pays out a proportion of your salary if you're incapable of working after a set amount of time. The payments stop once you return to work.
Price for smoker |
Price for non-smoker |
Price Difference |
|---|---|---|
£25,500 |
£18,500 |
£7,000 |
Prices for single man aged 40 with 4 weeks deferment period |
||
If you smoke one cigarette in a year, you're a smoker, so while you may not be spending £2000 or more on cigarettes you are costing yourself massively on financial products.
Most polices rely on your honesty when it comes to declaring whether you smoke, and lying is easy but can be disastrous, so if you're thinking of lying about smoking, don't! If you get a smoking related illness it can invalidate all claims, not just smoking claims, and it is potentially fraudulent.
If medical or other evidence of your habit is discovered, your provider can, and probably will, legitimately refuse to pay out and not even refund your premiums. Even people who have mostly, but not completely, stopped smoking may be detected and lose out this way.
Hidden Cost |
£37,000 |
|---|---|
Direct Cost |
£40,000 |
20 year Total |
£77,000 |
Annual Cost |
£3,850 |