Weds 5th December 2012
Did you know that life insurance policies are set to rise towards the end of the year? YES, this year.
So check you insurance policies and if you are due to renew in the next 3 months, I know someone that can help you compare prices.
Don’t leave it too late, contact me now.
See excerpts from ‘Which magazine’ below, or read the full article on increased life insurance premiums.
“Women are likely to pay more for life insurance, but less for private medical insurance from December 2012
The EU gender ruling will outlaw gender discrimination for all types of protection insurance, including life insurance, income protection and private medical insurance (PMI).
Increased life insurance premiums
Life insurance premiums for new policies are expected to leap by up to a third later towards the end of 2012 when the new European gender discrimination regulations and other market changes are introduced.
Premiums have fallen over the past decade, are now expected to rise. Protection insurance industry expert Kevin Carr commented: ‘The combined impact of the EU gender ruling and other factors could lead to an increase in life insurance and critical illness premiums of as much as 30% later this year (2012) for some people.’
Premiums for women are likely to rise significantly as, historically, life cover has been cheaper for women, whose life expectancy is longer. Under the new EU ruling, pricing discrimination based on gender will be banned and premiums will have to equalise from December 2012.
In addition to the new gender discrimination rules, insurers will also have to boost the amount of capital that they hold in reserve to protect them against any future financial crises, further pushing up life insurance premiums.”
Read the full article on increased life insurance premiums at www.which.co.uk.
If you want to chat to someone about this, contact me (no obligation to buy anything)
BBC – Insurance premiums face upheavals in December
Daily Telegraph – Don’t bury your head in the sand
Daily Telegaph – Life insurance set to soar
Wales Online – Women warned as insurance costs set to soar
Guardian report – Gender rules