A tobacco giant is giving customers an incentive to stop smoking.
Philip Morris International, which owns Marlboro and Parliaments cigarettes, has launched insurance provider reviti, which offers life insurance with discounts to those wanting to make a healthy lifestyle change starting with giving up smoking.
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reviti says it will offer “highly competitive insurance premiums” to those who plan on kicking their tobacco addictions or giving up nicotine. The product is set to launch in the UK. It remains unclear if it’ll be launched in the US.
The insurance plan starts at £5 a month to those who want to quit smoking. The company says it plans on offering other insurance policies based on better lifestyle choices like dieting, exercise or cutting down on alcohol.
People who switch to e-cigarettes will receive a 2.5% discount on premiums under reviti’s plan. If smokers switch to Philip Morris’ heated tobacco devices for three months they will receive a 25% discount.
Customers who quit tobacco and nicotine altogether can receive a discount of up to 50% on their premiums, according to reviti’s press release.
“It was time the insurance business caught up with its customers. The life insurance product we offer is a win-win for reviti and our customers,” reviti CEO Daniel Pender said in a statement. “They get competitive premiums and, with a little help from us, a better lifestyle. We get to help millions of people who have never had access to life insurance before and who will benefit from positive lifestyle changes we’re helping them make.”
Philip Morris International CEO Andre Calantzopoulos told CNBC that he hopes the company will stop selling cigarettes one day.
“Obviously that makes sense for public health and the people who smoke themselves, but it also makes sense for our shareholders because financially, as these products are not cigarettes, they benefit from lower excise taxes and better margins, so it’s a win-win for everybody,” Calantzopoulos said. “That’s why we all move in this direction, and the faster we move out of cigarettes the better for all of us.”
Philip Morris International does not sell products in the US.
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