The UK insurance industry uses many risk factors in order to work out the cost of insurance. Statistics indicate that women live on average 5 years longer than men and this means that life insurance is generally cheaper for women than it is for men.
Such discrimination on the basis of gender will become illegal on the 21st December 2012 when the EU Gender Directive comes into force, and for the purpose of the cost of buying insurance and the nature of the product, women and men must be treated as equals and individuals.
So now is a good time to review any policies you have in place to ensure you have the right cover at the right price. And if you’re female and don’t yet have life insurance in place, seriously consider whether you need cover and do something about it before December.
The full impact on the price of insurance by the Gender Directive is still not clear as insurance companies are still working out how to deal with the changes, remain profitable and keep their customers. But we can expect a significant increase in premiums for women. So if we can help, give us a call to chat about your circumstances.