The European directive that makes life cover for women up to 25% more expensive comes into force on 21 December 2012. But like Christmas shopping it is not wise to leave it that late.

We are well into autumn already, and life cover can sometimes take months to arrange because of medical reports.

The key thing to remember is that applying before the deadline is not enough – you need to have entered into a contract with the insurance provider by then.

Some providers, Bright Grey and Scottish Provident, will give limited cover to female customers while their applications are in the pipeline. This means that a contract will have already been entered into – even if the full cover has not been finalised. As long as the underwriting process is completed and accepted by the customer by 22 March 2013, the customer will still qualify for the cheaper rates.

This initial insurance will have lower limits than the full cover but is a clever way of being able to benefit from the lower priced life cover right up to the last minute.

Even so, there is no time to dawdle. The majority of providers are not offering this deal. Each case is underwritten on the applicant’s medical and family background. It is quite common for a report to be sent to a doctor, which is where the uncertainty lies – it can take a lot longer than you might expect.

The bottom line is to call Limetree Financial Services now before it is too late. It might not make a glamorous present, but securing life cover at a reduced rate will save you money for what you really want for Christmas.

Posted in Insurance, Life Assurance