A Gender for Change – why women must pay more!
We’ve written in the past about the fact that the EU has outlawed the sale of financial products where the cost for the same cover differs between men and women. If you want a quick catch up you can click through to our previous post here.
The biggest issue for women of all ages is that the price of Life Assurance, Critical Illness and Income Protection Cover is likely to go up. The crucial date when everything must change is 21 December 2012.
However, things are beginning to happen already. One of the biggest providers in the market, Scottish Provident, recently announced it has repriced some of its life insurance products for women.
Scottish Provident has calculated that women will face an increase of up to 15% for life insurance as prices equalise and women start to pay the same price as men. This is likely to be the same story when looking at Critical Illness and Income Protection Cover.
Any women out there who are looking to put in place new or increased cover – perhaps as a result of having a baby or moving home – should act sooner rather than later to save themselves some money. In a few months time the same cover is likely to cost you more – for the rest of the time you have the policy. A £5 a month hike in the cost of your cover will cost you an extra £1,500 over the life of a 25 year policy. Surely, a £1,500 saving is worth acting on?
Of course looking protecting your family needs to be viewed as part of your overall financial roadmap. At 44 Financial Ltd we offer the Good Parent Review. This looks at exactly the types of issues that parents with young children may need to wrestle with. It’ll not only look at family protection but also issues of parental responsibility and wealth preservation if a parent dies.
As a father of three young children I am acutely aware of the need for parents and carers to be adequately covered. If you’d like to book an initial consultation contact us by clicking here.
Steve Clark
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