Life cover for women is usually cheaper than for men, due to their longer life expectancy. But a new directive from the European Union has ruled that it is unfair to discriminate in this way.
Levelling the price of life cover for both sexes may increase women’s rates by up to 25%, according to Mortgage Intelligence.
The new directive comes into force on 21 December 2012. It is important to act swiftly if you want either joint cover or indeed single cover. The window is getting smaller and, like all things in life, once the opportunity has passed it will not come back.
To qualify for the cheaper existing rates, it is not enough to have submitted an application by the deadline date. It can sometimes take months to arrange life cover, which may involve medical reports. Act now to ensure that your policy will be in force by 21 December.
Another directive being introduced on the same date is the abolition of the income minus expenditure tax regime. Re-insurance companies will have to pay full tax on protection policies from 1 January, adding further to the price of life cover.
To make the most of the current lower prices of life cover, don’t delay. Contact Limetree today and we will make sure that your policy is in place before the cost goes up.