Time is running out if you wish to take advantage of insurance premiums being sensibly priced.
From the 21st December 2012 a directive from the European Union comes into law whereby insurance companies can no longer discriminate between men and women. You might think outlawing discrimination is moral and just but in many instances there is good reason for this. However, the EU clearly knows best! On the whole, women live longer than men so on a life assurance policy for instance that covers a 25 year mortgage between a husband and wife who were born in the same year, the insurance company would offer cheaper premiums to the female life due to the probability of her living longer and not claiming on the policy. This and many other insurance products (car insurance and annuities for example) are therefore based on statistical analysis to calculate a fair price.
The upshot of introducing this directive is that women will see a large hike in insurances come the 21st December of somewhere in the region of 20%. As you might gather, we totally disagree with this directive and we would urge clients, especially women, to take advantage of life assurance premiums based on today’s prices before this becomes law. Should you wish to review your insurances or are considering taking cover for the first time, now would be the time to act as we suspect there could be a deluge of applications come mid December.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.