Smokers face much higher life insurance premiums than non-smokers, but by simply shopping around they can still make considerable savings.

According to a cost survey carried out by the Irish Financial Services Regulatory Authority, smokers pay roughly twice as much as non-smokers for life insurance cover.

The Financial Regulator found that a 38-year-old male smoker would pay at least €87 a month for a €300,000 life-insurance policy over 25 years, whereas a non-smoker of the same age could pay as little as €43.

Despite being charged considerably higher premiums, the survey found that smokers can save in excess of €4,500 over the course of a 25-year policy for €300,000 by simply shopping around for the cheapest option.

The Financial Regulator also found that life insurance is a very affordable product for younger consumers.

For example, the cost of a 30-year €200,000 policy for a 26-year-old female ranges from €149 to €240, depending on the provider, while the price range for a 26-year-old male lies between €193 and €240.

Shopping around for mortgage protection insurance can also result in significant savings.

A 37-year-old non-smoker could save over €2,560 over the 25-year term of a €360,000 mortgage.

"If you are taking out a mortgage you will probably be offered mortgage-protection insurance when your mortgage is approved," said Mary O'Dea, consumer director.

"You do not have to buy this protection from your mortgage provider and could make savings by checking out other providers."

"Make sure you shop around as you may get a better deal elsewhere," she added.