Women - Beat the clock and make your dreams come true
Are you a woman? Then your time is running out! Confused.com urges women to take out life insurance cover now, before costs go up on the 21st December.
There is only a short amount of time before things will change for women. Not only are some women said to be feeling the pressure of their biological clock ticking, but now also the pressure of the rising costs of their life insurance, which are due to hike within a matter of months.
Women have traditionally been better off in paying less money for their life insurance than men. However, this is set to change with the EU Gender Directive which takes effect in 90 days.
Women are saving as much as 21% more on average than men of the same age group. In order to continue with this advantageous saving, women should to take out a life insurance policy before the 21st of December; as only time will tell how much premiums will rise when this fateful day arrives.
If savings were to continue, what would the extra money be spent on?
New research by Confused.com asked women what they would spend their savings on if they had an unlimited budget. It was found that 55% of women would buy a house; 32% of women would buy electrical goods and gadgets; with shoes lagging behind at 4%.
As well as buying luxurious goods, 35% of women gave a practical response and admitted they would put a saving pot aside for the future.
In fact, 25% of women would rather start their own business over buying clothes, jewellery and shoes, going against traditional stereotypes. The research indicates how women want to protect themselves and their family, and buying life insurance can ensure this type of protection.
However, women admitted to saving less on average than men - 31% of women save up to £50 a month compared with 24% of men who save up to £500 a month. However these savings could be effected if a life insurance policy isn't taken out before the Gender Directive takes effect and their dream purchases may not come true!
As it stands, women pay less for life insurance than men. This is for the simple reason that the female of our species lives longer than the male. Hence, insurers expect to get more monthly premiums from a woman before they have to pay out on the person's death. But from the 21st December, taking an applicant's sex into account when pricing premiums will be banned. Inevitably, women will end up paying more as their life expectancy advantage will no longer be valid. So time is running out in terms of taking advantage of being a woman!
Matt Lloyd, Head of Life Insurance at Confused.com, says, "How much you pay for life insurance at the moment is based on a number of factors specific to you, such as your age, your health, your sex. However, the EU passed legislation from the 21st December will prevent insurers from taking gender into account when they provide you with a price."
"To date, life insurance for women has been cheaper than men's. Based on a number of quotes ran on Confused.com, an average women's life insurance can be as much as 21% cheaper than men's. But from December women's insurance will be treated on an equal footing to men's."
"By comparing life insurance products policies and making a saving of just £10 a month, customers of both sexes can save themselves as much as £3000 over the lifetime of a 25-year policy. With women having just a few months left to take advantage of having far cheaper life insurance than men."
"So the message is this - if you have been putting off getting a life insurance policy, now is the time make the most of cheaper premiums you'd pay for a policy beginning now. So why not take advantage of being a woman while you still can!"