Smokers paying twice as much for life assurance

Smokers in Ireland are now paying almost twice as much for life assurance as non-smokers following legal changes that have equalised the premiums paid by men and women.

But while a study shows that huge savings in premiums can be make by shopping around, the level of cover taken out by most people is not enough, according to industry experts.

The average claim for life insurance last year was just over €71,500, but a number of “super-claims” were paid out last year by Irish Life, according to a study conducted by the National Consumer Agency.