From 21st December 2012, it will no longer be possible for life insurers to use gender, or related factors in calculating premiums or benefits for their products.
Life Cover for women is set to become more expensive by approx. 20%. This is a result of a European Court of Justice ruling. This judgement will have implications for all protection product lines, including Life Insurance, Serious illness cover & Income protection cover (for females and males). It will also have implications for pension annuity pricing and indeed for general and health insurance too.
Typically Life insurers currently use 3 main rating factors for calculating life insurance premium rates:-
- Age
- Gender
- Whether or not the individual smokes. The cost of life insurance for smokers can be double the price of non-smokers as smoking shortens average life expectancy by up to 10 years.
For females the cost of life insurance is typically 20-30% less than the cost for males. Females live on average about 5 years longer than males.
So, females needing life insurance cover, serious illness cover and males needing income protection cover you need to ACT NOW.
Life Cover can pay out a lump sum amount, monthly income amount, or both:
To a client’s family, so they can continue to meet monthly outgoings and maintain their current lifestyle.
To a client’s family if a stay at home parent dies to meet additional expenses a family might face, such as childcare costs.
To pay off any existing debts or loans.
Life cover is something you can rely on. Arranging adequate cover is the easiest way to help secure your family’s financial future and give you peace of mind. Contact Lorraine today on 087 2608988 or email lorraine@jigsawfinancialsolutions.ie to discuss your cover needs.
