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Concern at ruling that increases amount women pay for life cover

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Financial advisers Carterbar have highlighted a new ruling that will increase the amount that women pay for life assurance.

At the moment women pay less than men, but that will change in December 2012 when the EU Gender Directive comes into force, stating that women will pay the same as men for life cover.

Carterbar says that according to HM Treasury figures, women’s premiums are expected to increase by about 15 per cent. The firm, which is based in Billingham, says that although exact figures will depend on how insurance providers react to the change, the cost of protecting your family is going to rise. The change does not affect policies taken out before 21 December 2012.

Financial planner Rachel Storey, of Carterbar, says: “We feel that this change will come as a shock to a lot of women. The Office for National Statistics figures clearly show that women can expect to live longer and this should be reflected in the premiums they have to pay.

“Women planning to insure themselves to look after their families should act now under the existing terms, rather than the ones that come into force in December. It is also a good time to review existing policies and make sure you have the right one at the right price.”

The change is being introduced after the European Court of Justice ruled that insurance benefits and premiums after 21 December 2012 should be gender-neutral.
 

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