Life cover for women to rocket in December!
Published ¤ 07/11/2012 13:53:36
The cost of life cover for women is due to increase dramatically in December when the new EU Gender Directive comes into force.
Traditionally, women have paid less than men for their life insurance, due to the fact that, on average, women live longer than men. This seems quite reasonable, since the cost of life insurance is calculated based on the risk of the person dying within the term of the policy.
However, this is all about to change!
Thanks to the European Union Gender Directive, insurance companies will no longer be able to discriminate based on gender, and this, according to the HM Treasury, is likely to increase the cost of cover by over 15% for women. They also belive that this directive may affect the cost of cover for men, although the increase is expected to be much less.
So what can you do about it?
If you already have a life insurance policy, and the premiums are guaranteed, then this new directive will not affect your premiums. Also, if you take out a new policy before 21st December 2012, then the premiums will not be affected either.
So, if you are considering protecting yourself, your mortgage or your family, DO IT NOW rather then leaving it until the premiums increase.
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