By The Premium Hunter, Nov 21 2012 8:11PM
If you're thinking of taking life insurance you should know there are important changes coming. By waiting you will find that protecting your loved ones will suddenly become more expensive!
From 21 December 2012, all insurance providers have to change how they set premiums:
1. Being male or female will no longer be a factor
2. Taxation will make life insurance more expensive to provide
In plain English, the EU have passed a ruling stating that by 21st December 2012 Life Insurance providers will not be able to use gender as a reason to increase or lower someones premium.
Many factors are considered when generating a premium, but basically; If you are female, for the gender determined % of your premium, you will be charged the same premium that a male of the same age would pay - Even though you are less likely to require a pay out during the term of your Life Insurance policy.
On top of this, from 1 January 2013 there will be taxation changes for financial service providers. This means that it'll be more expensive to provide certain products, which will have a knock-on effect on how much men/women will need to pay for new policies.
Plain and simple, this will mean the price of Life Insurance for a woman will increase by 15 to 25%
You can avoid these increases by acting now - delaying will mean paying more, for potentially decades!
Get in contact today - Protect your family, for less!
1. Mar 1 2013 10:58AM by James Booker
more and more sites like www.drivelikeagirl.com are offering telematics insurance which can be cheaper now, due to the EU Gender Directive.
2. Mar 1 2013 11:49AM by ollie
It does seem the EU do like to have input in a number of UK insurance matters, whatever the dynamic.
We don't currently have dealings with the car insurance industry, however we always like to see that people are finding ever more creative ways of saving money on their monthly premiums, and 'drive like a girl' seems like a clever idea!
The Premium Hunter
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