QUITTING SMOKING BENEFITS WALLET, HEALTH

Anyone could use a $1,000 windfall, and giving up smoking at the start of the new year could put that much or more into a former smoker's pocket every year.

That amount is for the cost of cigarettes only for a pack-a-day smoker.

Toss in the cost of medical and life insurance premiums, and the economic boon for non-smokers takes on even more significant proportions.

It can pay for vacations, Christmas gifts and help send the children to college.

Medical insurance premiums for non-smokers are from 10 to 20 percent cheaper. Life insurance savings are even more.

"Numbers don't lie," says Shelly Miller, president of MasterQuote of America Inc. in Chicago. "A former smoker can bank on a significant savings compared to smokers.

"We're a computerized term-life cost-comparison service," said Miller. "So we know how much a smoker can save."

Miller gave an example:

A 40-year-old "preferred" male non-smoker pays $460 annually for a $500,000, 20-year term-life policy. A "preferred" smoker pays $1,315 per year for the same policy, an $815 difference.

Over 20 years, the smoker will pay $26,300 in premiums, $17,100 more than the non-smoker. Apply compounded interest and it could balloon to $35,000, said Miller.

Cigarettes in many markets now average over $3 a pack, or $90 a month, to total over $1,080 per year. Over a 20-year period, that translate into $22,000. With compounding and tobacco's inflations, it could become $60,000.

If a married couple each smoke, they can be doing even bigger damage to their bank account.

"Quitting smoking could be the most beneficial financial as well as healthy action a person could take," said Miller.

American Cancer Society surveys have indicated that 80 percent of smokers started before the age of 18, with the average age of first use of tobacco at 13. People who started smoking at younger ages are more likely to become heavy smokers and have a harder time quitting.