Home / Life Insurance / Canstar reveals smoking gap, names direct winners
11 June 2019
Smokers can pay hundreds of dollars more a month than non-smokers for $500,000 life insurance policies, according to Canstar research.
Female smokers pay an average of $54 more a month than their non-smoking peers, while male smokers pay as much as $92 more. About 14% of Australians smoke.
Male smokers in their late 50s pay $263 more and female smokers $142 – the biggest premium differences. The premium difference escalates alongside age: smokers in their 20s pay as little as $30 more for a man and $19 for a woman.
Meanwhile, Canstar has honoured Allianz, Insure Me Now and NobleOak Life for providing outstanding value in their direct life offerings. They also received awards last year.
Allianz and Insure Me Now offer lower premiums than the market average in all customer profiles, while NobleOak has the most affordable premiums in 17 out of 20 profiles considered.