Life Insurance for Women
Life Insurance for Women: The new Gender directive on the 21st of December…
Many may not know this, and this information may not interest a lot of people, however it is extremely important to understand it. We need to inform our customers and their spouses that the insurance industry with regards to car, life and income protection insurance is changing.
The new EU directive coming into place at the end of December 2012 means that insurance policy terms that favour a gender will be coming into place. This is going to change the insurance game forever.
Here’s a little break down of what this means…
If you’re a woman it means you are not going to avail or be rewarded cheaper insurance for living longer or being a better driver, statistically anyway! “”Most women currently pay about 25% less for Life Insurance than men.* This is because women tend to live longer than men. However this is all going to change on 21 December 2012 when a European Law will require insurance companies to have the same price for cover for men and women.”” – Irishlife 2012…
Unfortunately what this basically means is women will have to pay higher insurance premiums as companies cannot consider gender when assessing risk. We believe it’s great to get some prior notice. The gender policy is not in effect yet so if you’re a woman and thinking life insurance in the near future, get it before the 21st of December for lower rates…