New analysis reveals that vaping can significantly increase your life insurance premium, despite its perception as a safer alternative to smoking. According to myTribe Insurance, a 50-year-old vaper can expect to pay £60.24 per month, while a non-vaper of the same age would only pay £26.94 for the same coverage. The study, based on quotes from 16 leading UK insurers, highlights that insurance companies often charge vapers nearly three times the amount than non-vapers based on their age.
With the rising popularity of e-cigarettes in the UK, with an estimated 4.3 million regular vapers, the founder of myTribe Insurance, Chris Steele, explains that most insurers view vaping, along with nicotine gum and patches, as equivalent to smoking, resulting in higher premiums. Steele also notes that the long-term effects of vaping are still unknown, leading insurance companies to err on the side of caution. However, as more data becomes available, these attitudes may change.
Royal London is one insurer that charges vapers significantly higher premiums. A 50-year-old vaper would be required to pay £80.84 per month, whereas a non-vaper would only pay £29.13, resulting in a potential savings of £15,513 over a 25-year term if the vaper were to quit and remain nicotine-free for 12 months. Craig Paterson, the chief underwriter at Royal London, explains that smokers typically pay twice as much as non-smokers for life insurance, with the difference becoming even more pronounced for older smokers. He emphasizes the potential benefits, both financially and health-wise, for vapers who decide to quit.
Tests conducted on e-cigarettes confiscated from young individuals have found dangerously high levels of lead, nickel, and chromium. Some exceeded safe limits by nearly ten times. Exposure to these metals can have serious health consequences, such as impairing brain development and triggering blood clotting. Furthermore, Britain’s health watchdog has logged almost 1,000 serious adverse reactions to e-cigarettes, including disorders related to the blood, nervous system, and respiratory system, as well as cancer and burns. Tragically, five deaths have been linked to these devices.
The use of e-cigarettes among adults in the UK has reached a record high of 8.3%, according to Action on Smoking and Health. This translates to approximately 4.3 million people. Aviva, another life insurance provider, offers similar rates to Royal London, charging regular vapers £84.84 per month and non-smokers only £35.79. A spokesperson from Aviva explains that smoking and the use of nicotine-containing products are known risk factors for cardiovascular disease and cancer, resulting in higher premiums for smokers and nicotine users. They also highlight the lack of long-term evidence regarding the health impacts of vaping and note that many vaping product users also have a history of using conventional tobacco products.
While some insurers offer lower rates for vapers, the difference between vapers and non-smokers still doubles the premium. Liverpool Victoria (LV) charges vapers £44.11 for the same coverage, while non-vapers pay only £18.51 if they haven’t vaped or smoked in the last year. To address the lack of information about the long-term health effects of vaping, doctors may soon be required to inquire about patients’ use of e-cigarettes and add it to their medical records, as part of a major review by the British Medical Association.
Doctors have expressed concerns about the potential health consequences of vaping, especially among young people. The UK has seen a significant increase in vaping among 11 to 17-year-olds, with a record 11.6% of young individuals trying vaping. This is a sharp rise from 7.7% the previous year and double the rates from a decade ago. In Yorkshire and the Humber, 30% of children have used e-cigarettes, according to NHS Digital data.
E-cigarettes have been linked to five deaths in Britain since 2010, although none were directly attributed to vaping. However, health authorities acknowledge the suspicion that vaping may have played a role. The deaths were caused by heart disorders and respiratory complications. Additionally, nearly 1,000 serious adverse reactions, including blood disorders, nervous system problems, respiratory disorders, cancer, and burns, have been reported.
As the UK government pledges to address the issue, e-cigarettes continue to be prominently displayed in shops across the country, appealing to children with colorful designs and flavors like bubblegum and cotton candy. Easy accessibility and affordability, with some devices priced as low as £5 in shops alongside sweets, contribute to the growing concern about vaping among young individuals.
It is important to note that while e-cigarettes do not contain tobacco or produce tar or carbon, they still pose significant health risks. Some e-cigarettes have been found to contain unsafe levels of nickel and chromium. The long-term health impacts of vaping are still not fully understood, and doctors are worried about the potential for lung disease, dental problems, and cancer in individuals who start vaping at a young age.
In conclusion, vaping can lead to significantly higher life insurance premiums due to insurers equating it with smoking. The long-term effects of vaping are still uncertain, prompting insurance companies to err on the side of caution. Tests have revealed dangerous levels of metals in e-cigarettes, and there have been numerous adverse reactions and deaths associated with vaping. The popularity of vaping among young people is a growing concern, and doctors fear the potential health consequences in the future.
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