Smokers are paying twice as much for life insurance than non smokers, a new report revealed today.
However even smokers could save around €4,500 on a 25-year policy if they shop around, a life insurance survey found.
The study, by the Irish Financial Services Regulatory Authority (IFSRA), compared the monthly cost of a range of life insurance and mortgage protection policies for people of different ages, both smokers and non-smokers.
It revealed that while a 38-year-old male smoker would pay a minimum of €87 a month for a €300,000 life insurance policy over 25 years, a non-smoker of the same age could pay less than half - as little as €43.
Despite smokers paying considerably more, IFSRA insists that life insurance is a very affordable product for younger consumers. The annual cost of a 30-year €200,000 policy is between €149 and €240 for a 26-year old woman, and between €193 and €240 for a 26-year old man.
"Whether you are taking out life insurance for the first time or reviewing your insurance, you can use this survey to see where you can get the best value policy," said IFSRA consumer director Mary O'Dea.
She urged consumers offered mortgage protection insurance when a mortgage is approved to shop around: "You do not have to buy this protection from your mortgage provider and could make savings by checking out other providers."