Giving up smoking as the nationwide ban kicks in on July 1st could hep you halve your life insurance premiums, a new report reveals.

The study, from comparison site moneysupermaket.com, shows that people giving up cigarettes in July 1st will not only splash out less on packets of smokes - but will also see their life insurance premiums slashed by about half, as non-smokers pay far less than smokers.

"The upcoming smoking ban has inspired 1.2 million smokers to say they intend to quit by July 1st, so if you're keen to give up, you should find plenty of support from others in the same position," Emma Walker, head of life insurance at moneysupermarket.com, commented.

"The premium difference between a smoker and a non-smoker is vast and there are considerable savings to be made simply by shopping around for the cheapest deal to suit your circumstances

"In order to be classed as a non-smoker and qualify for life-insurance premium savings, insurers insist on smokers having packed it in for a full year. Once smokers have given up for 12 months, they should go back to their insurer and ask for non-smoker rates, subject to tests to prove they have quit."