L&C Mortgages’ LifePROMPT service helps unlock £30
million per annum
Released
on: January 20, 2009, 1:50 am
Press
Release Author: Direct Traffic Media
Industry:
Financial
Press
Release Summary: L&C Mortgages, the leading fee-free broker,
calculates that those smokers who have quit with the help of the
NHS Stop Smoking Service, could save over £30 million a
year by reviewing their life assurance arrangements.
Press Release Body: New non-smokers
should seek out the cheaper premiums on offer to bolster the substantial
cut in expenditure on cigarettes themselves.
However many may need to wait
before reaping the benefits, as life assurance companies only
offer cheaper premiums to those who have not smoked or used tobacco/nicotine
replacement products for more than 12 months.
LifePROMPT
is a new service from L&C for those that have kicked the habit
but will not qualify for cheaper protection for a few months.
L&C offers free whole of market advice on protection
but for those not yet classed as a non-smoker, LifePROMPT
offers the ability to diarise an email or text reminder for a
review at the appropriate time.
Richard
Morea, technical manager at L&C Mortgages says,
“Life assurance is essential for many of us and in today’s
economic climate getting the best premium becomes even more important.”
You
can register for LifePROMPT online at www.lcplc.co.uk
or by calling 0800 373300.
Ends
Savings calculated using the most
recent NHS figures (2007-08) on the number of smokers who had
successfully quit when followed up post quit date (350,800).
Savings for target age groups
based on a level term assurance policy for £150,000, over
a 20 year term for sample ages 25 and 40, and a 10 year term for
sample age of 50.
Age group: 18-34
Sample age: 25
Monthly saving: £2.71*
Number of quitters: 90,214
Annual saving: £2,933,759
Age group: 35-44
Sample age: 40
Monthly saving: £13.28*
Number of quitters: 85,640
Annual saving: £13,647,590
Age group: 45-59
Sample age: 50
Monthly saving: £29.07*
Number of quitters: 98,520
Annual saving: £34,367,716
*An
average of the savings made by both genders, on the cheapest guaranteed
premium for a non-smoker, compared to that for a smoker.
If 75% have a need for life assurance the savings per annum would
be £38,211,798.
London & Country Mortgages
Ltd is the country’s leading whole of market no-fee mortgage
broker and submitted over £4bn of mortgages to over 70 lenders
in 2008.
Press Enquiries
David Hollingworth, Head of Communications
01225 341211 / 07710 634044
Richard Morea, Technical Manager 01225 341312 / 07970 885168
Web
Site: http://lcplc.co.uk
Contact
Details:
David
Hollingworth, Head of Communications 01225 341211 / 07710 634044
Richard Morea, Technical Manager 01225 341312 / 07970 885168
2012
