Some people can’t get enough Brussels in their Christmas dinner while others can’t stand them. But I’m not talking about the sprouts. This December sees the new gender directive coming into force from the European Court of Justice in Belgium.
What does it mean? In life insurance it means that insurance firms’ actuaries can no longer discriminate between men and women when pricing or costing insurance.
The net result is that premiums for women and men will go up. Initial figures suggest that the increase could be as much as 20%.
In order to implement these forthcoming price changes the insurance providers have spent considerable time remodelling their pricing systems. This has been time consuming and expensive. The cost of remodelling will be paid for by new policy holders.
Don’t you just love Brussels?
If you have been putting off getting your business or personal life insurance sorted out, talk to us now before you start paying over the odds.
The deadline for current pricing is 21 December 2012 – by this date you need to have a contract signed. As medical checks can take weeks, sometimes months, get your application in this week for the best chance of securing life insurance before the prices rise. Whatever you have on your plate this Christmas, give yourself an early present of life insurance at lower prices.