Smokers in Ireland are paying tens of thousands of euro more for life insurance and mortgage protection compared to non-smokers, according to new research from the comparison website bonkers.ie.
Mortgage protection is legally required for anyone taking out a mortgage in Ireland. For example, a 38-year-old non-smoking couple can expect to pay around €35.60 a month for €300,000 worth of coverage over 30 years. But if both partners smoke, the monthly cost nearly doubles to €70.09. That’s an increase of 97%, or around €12,500 more over the life of the policy.
The cost difference grows even larger when specified illness cover is added. If the same couple includes €100,000 of illness cover, non-smokers would pay around €101.09 per month. For smokers, that figure jumps to at least €191.82 per month — a difference of nearly €33,000 over the 30-year term.
Bonkers.ie says this stark difference shows the financial impact of smoking, not just on health but also on long-term financial planning. The company encourages consumers to review their insurance options and consider the long-term savings of quitting smoking.
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