Women buy your life insurance whilst it’s still cheaper
Women are being urged to make the most of the next few months as it is the last few months they will be able to take advantage of cheaper insurance policies than men. Whilst annual policies like car insurance will be hit the next time women go to renew their policies, life insurance works differently, as the policy premium stays the same for the duration of the policy, often over 25-30 years.
The increase is set to come about in December when the new EU regulations relating to the way companies in the EU price their policies come into place, effectively banning them from pricing insurance differently for different sexes.
Women currently cost less because they are statistically less likely to die during the term of the policy, but the powers that be in Brussels have decided that that’s no longer on, and have changed the rules.
A survey carried out by confused.com pointed out that women currently pay 26% less than men for their life insurance, quite a saving considering the length of time a policy is taken out over, and usually a saving of several thousand pounds.
The team at life insurance quotes have been urging women to take advantage of the lower prices for the last few months, and now the team at Scottish Provident have also joined in, urging women to take out life insurance now.
Scottish Provident believe that the cost of insurance for women will rise by around 15%, with men’s insurance costs only falling very slightly.
Head of development at Scottish Provident, Jennifer Gilchrist explained, “Costs of valuable protection products, designed to protect families from financial hardship in the event of a loved one dying, have been falling for many years,”
She added, “Yet the gender directive, which has serious implications on all insurance products, is set to bring the costs of protection for women up to the same level that men pay, despite life expectancy being so different.”
With life insurance expected to increase in cost in April 2013 as well thanks to a closure in loopholes in the budget, now looks a good time to buy your life insurance whoever you are.