Statistically, women live longer than men, so have traditionally have paid less for life insurance. The latest EU Gender Directive changes this and means rates will rise from 21st December this year so that men and women pay the same. The only way to avoid paying higher rates is to take out a policy before December.
Why bother? How would your family cope financially if the worst happened? Would they be able to continue the lifestyle they’re accustomed to without your income? Most people think it will never happen to them but statistics tell a different story. One in seven people in the UK die before they are 65, and yet 61% of families have no financial protection. Every 36 minutes in the UK a parent dies leaving their family with no financial back up plan. Curiously, more UK adults insure their pets (15%) and mobile phones (13%) than they do their income in case of ill health or death. (12%).
Single parent families are the most vulnerable. Three quarters of single parent families and 68% of divorced parents with two or more children said they felt financially under protected.
Why this reluctance to insure? Luke Ashworth is the CEO of https://www.protected.co.uk :
“Our industry has made life insurance so complicated, time-consuming and expensive, often trying to sell premiums that are unaffordable, that many people have been put off. I set up protected.co.uk in order to do precisely the opposite”.
He is particularly concerned for women. Luke says “They are particularly vulnerable because of the increase in single parent families and the number of women working full time as the main breadwinner. Those women who stay at home and look after the family are also undervalued. Even if they have no financial income, the cost of paying for someone to replace them is very high and a remaining parent is unlikely to be able to fill that role and hold down a full time job”
Getting around the price hike. Fixed premium plans that are already in place when the ruling comes in are unlikely to see a price rise, so the best way to ensure that your price doesn’t increase is to take out life cover before the ruling comes into effect. Sometimes an insurer will need to obtain further information from your doctor too which can take up to three months so the sooner you act, the better your chances of avoiding the price gain.
** Price Comparison Chart available for women before and after the Gender Directive comes into effect, outlining the changes in monthly premiums and the resulting savings over the life of the policy.
For media enquiries, a copy of the price comparison chart and case studies please contact Rachel Corcoran or Rosie Runciman
email@example.com firstname.lastname@example.org 0844 35 11 484
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