Women unaware of impending rise in life and critical insurance cost
A survey by London & Country Mortgages has revealed that more than 80% of women are completely unaware of the forthcoming introduction of the European Gender Directive this year.
The Directive comes into force on 21st December and will prohibit insurance pricing based on gender, forcing insurers to charge men and women the same amount.
Women currently pay less than men for their life and critical illness cover due to their longer life expectancy but can expect the Directive to push the cost up. Although awareness of the Directive was low, more than 82% of those surveyed anticipated the impact to be raised costs. Despite that, 49% felt that equalising the price for men and women was a good thing.
The exact cost implications are not yet known but it's estimated that women could see an increase of 15%, potentially adding hundreds or even thousands of pounds to the total cost of a policy.
"It's important that women are aware that the cost of cover will soon increase and take the opportunity to buy or review policies before the price hike takes effect" commented David Hollingworth, Associate Director at London & Country.
"With 36% of respondents and more than 41% of their partners having no cover at all, the time is right to review you and your family's protection and avoiding unnecessary additional cost."
Existing policyholders can check in an instant if they can save money using the online L&C One Minute Lifecheck Calculator, available at lcplc.co.uk/lifecheck.