Cigarette smoking rates continue to decline across Canada, according to the results of a new survey.
Insurtech company MyChoice found the number of cigarette smokers fell 18.79 per cent between 2019 and 2022.
That is more than double the previous four-year period, when smoking rates fell by 7.81 per cent.
While smoking rates increased 9.75 per cent among those aged 65 and over, that was down from 10.09 per cent between 2015 and 2018.
The rate of decline varied across provinces, with Alberta seeing the most significant decrease at more than 24 per cent.
MyChoice also examined the differences in life insurance premiums between smokers and non-smokers using data from their database of life insurance quotes.
It found smokers pay an average of two times more in life insurance premiums over a 20-year term compared to non-smokers.
“Our study highlights a significant financial burden that smoking places on individuals, beyond the well-known health risks,” said Matt Roberts, COO of MyChoice.ca.
“Smokers not only face higher medical expenses but also substantially higher life insurance premiums.”
Roberts added that quitting smoking can lead to enormous savings, both in terms of health and finances.
MyChoice said its findings also suggest that more targeted public health initiatives may be necessary to continue the downward trend of smoking.
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