What happens after the EU Gender Directive comes into effect?

December 11, 2012

Once the EU Gender Directive has taken effect on 21st December, what can you expect?  Well, if you have an existing life assurance, income protection or specified serious illness plan in place, nothing will happen.  Your premiums will continue to be deducted as normal, for the usual amount.  If however, you go to take out a new policy, your premiums will differ.  All premiums quoted for after 21st December 2012 will be done on a unisex basis.  The expected changes are as follows;

1. Income protection premiums for men will be higher, but marginally lower for women.

2. Life assurance premiums for women will be higher, but marginally lower for men.

3. Premiums for specified serious illness policies will change depending on which age bracket you fall into.  For instance, males under 45 will see a small increase, but males over 45 will see a small decrease.

So what can you do to benefit from the changes?

First step should be to organise a review of your existing cover to see if any of the price changes provide you with an opportunity to improve on the price of your existing cover.  Men should consider reviewing their life assurance and women should consider reviewing their income protection.  The terms and conditions or the benefits on the policies are not changing, just the pricing structures, so if you can get the same level and quality of cover for cheaper, take it.

We are available to provide a quick and free review of all your policies.  Just call 1890 254 000 or contact us through the site here.