Changes under a new EU Gender Directive mean that the cost of life insurance for women has increased by as much as 20%. The EU’s policy, which was introduced in December 2012, has meant that life insurance for women has become more expensive.
Life Insurance Changes for Women
The changes by the EU mean that life insurance providers are no longer able to take gender into account when setting insurance premiums. Historically, women would receive cheaper premiums on their life insurance policy because they would statistically live longer than men, thus a payment on their policy was less likely.
This has meant that women are being forced to pay more money towards their life insurance policy. Research by Lifesearch found that premiums changed as much as 20% for women. However, it’s not all bad news, particularly for men. The research shows that men are receiving cheaper prices by 21.5%.
Eddie Chisholm, Director at ER Network said
“A financial planner will always ensure a person is receiving the best life insurance advice based on their needs, whilst trying to keep the costs of the policy affordable. That’s why speaking to a financial advisor is an important part of the process”.
Financial Advisor Life Insurance
A conversation with a financial advisor at ER Network can ensure the correct life insurance policy is offered, at the most affordable price available. The experience and quality a financial advisor can offer can ensure the policy is adequate cover for you and your family.
If you would like to speak to an ER Network financial advisor, please get in touch and we’ll be glad to put you in touch with one of our financial advisors.