Only 19% of women are aware life insurance will cost more from December
Here at Life Insurance Quotes we’ve been telling you about the increase in cost of life insurance for women for some time now but it seems that the vast majority of women in the UK are largely oblivious.
New rules coming in from Europe will prevent insurance companies from offering different priced insurance policies based on the sex of the applicant, in the new gender directive.
Women’s life insurance policies look set to increase by around 15% in cost, for policies taken out from December, yet 81% of women asked had no idea about the changes.
The new rules kick in from 21st December this year, so women have another 5 or 6 months to take advantage of the lower premiums offered on new policies, after which point it will be illegal for insurance companies to price female policies cheaper.
The biggest reason women pay less than men is because they are statistically less likely to die, with women living longer on average than the equivalent man.
811 women were questioned about the European Gender Directive by London & Country Mortgage and Insurance, advisors in the insurance and mortgage field, and the number of women unaware was shocking for all.
The survey found that 82% of women who were aware of the new rules expected costs to rise for women, and 49% believed the move was a positive one for the insurance industry, despite having to pay more themselves.
Associate director at the firm, David Hollingworth explained, . “It’s important that women are aware that the cost of cover will soon increase and take the opportunity to buy or review policies before the price hike takes effect.”
“With 36% of respondents and more than 41% of their partners having no cover at all, the time is right to review you and your family’s protection and avoiding unnecessary additional cost.”
For life insurance quotes for both men and women from the leading life insurance providers you can compare life insurance quotes online here at Life Insurance Quotes.