Price of women’s life cover to rocket 25%

A European directive to ban gender discrimination will make life cover for women much more expensive.

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.

Posted in Insurance, Life Assurance

Switch Insurance Through Limetree to Save

Last year figures came to light showing that over 12 million consumers had never switched any of the 20 most common financial products.

These include car insurance, home insurance, their energy provider, credit card and mortgage lender.

13.8% of consumers had never switched their home insurer. As the UK Insurance Index said:

This is interestingly juxtaposed to the fact that 81 per cent of Brits are hoping to save money this year with 22 per cent citing bills and the rising cost of living as their biggest financial worry.

With another year well under way, now is the time to get in touch with us at Limetree Financial Services to assist you and take all the stress and hard work out of shopping around for mortgages and insurance.

We are whole of market for both and have a panel of 40+ insurers who can underwrite the most simplest or complex of policies for you. These include non-standard construction types, specialist landlords or just your basic home insurance, which can be tailored specifically for your requirements.

With all the financial news of further doom and gloom this year, let us help save you money and time.

Posted in General Insurance, Income Protection, Insurance, Life Assurance

Cover for Life, but Also for Christmas

Short term life cover is more useful than you might realise

Life cover and critical illness cover are usually associated with the full term of a mortgage. But it is possible to have cover from a year down to a single day.

Part of its appeal is that applying for short term cover can be a much simpler and quicker process than for a whole life or mortgage term life policy. Some people use it as temporary cover while they go through the application process for longer life products. This is sometimes called emergency insurance.

Short term life and critical illness cover, for typically less than five years, can be taken for various other reasons:

  1. Business cover
  2. Between employment
  3. Bridging loans

As the cover is for a relatively shorter term the premiums are not as high as many people think, due to the low probability of claiming. Of course if you do need to claim during that time, it could be priceless.

Choosing the best life cover depends on your budget, your age, and the amount of cover you want. That’s why you should shop around. Come and talk to us at Limetree – we will give you independent advice about products right across the whole market.

Posted in Insurance, Life Assurance

Life Insurance Premiums – A Loaded Question

“My life premium has been loaded due to the early death of a close relative who lived a totally different lifestyle to me.”

We hear this a lot – healthy people having to pay more for life assurance because of a death or illness in their family, even when it is not something that they are any more likely to suffer themselves.

Some insurers have started loading premiums by 50% based on a parent being diagnosed with certain illnesses prior to their 65th birthday – regardless of the health of the person looking to be insured.

I recently had the example of a client whose father had smoked from the age of 14. He survived a stroke at the age of 52 and is now over 65. Although his son has never smoked, the initial insurer wanted a 50% loading for our client’s policy due to the father’s medical history.

We reapplied with a different insurer that doesn’t have an automatic loading clause for parents, with great success: the new insurer was only 15p per month higher than the first insurer’s original quotation (before the loading).

We can’t change the fact that some life insurers load premiums in these ways – but you don’t have to accept it. But we can help you to find one who doesn’t, and save you money each month with a smaller premium.

That’s why it’s worth contacting life insurance brokers. We can quickly find the best life assurance for your unique situation.

Posted in Life Assurance

Save on Life Assurance as Premiums Plummet

Have you been paying the same Life Assurance premiums for the last five to 10 years? If yes, then it’s time to review them.

You can’t pick up a newspaper at the moment without reading about the pensions crisis due to people living longer. Another effect of the increased longevity of the general population has been for life assurance premiums to reduce dramatically in recent years.

If your health has been unaffected over that time, it is likely that you could save money on your premium by finding a better deal (subject of course to the relevant underwriting).

Falling premiums are not the only reason to review your life insurance. You should also review your policy if your own health has improved, medicine has advanced in an area that affects you, or you no longer take part in an activity that was deemed dangerous.

Reasons to review your life insurance

  • Premiums have reduced generally
  • If you have stopped smoking (for at least 12 months)
  • If your health has improved – and if your premium was originally loaded due to medical conditions that are now either resolved or more under control due to medical advances
  • If you have lost weight – where your policy was originally loaded based on Body Mass Index (BMI)
  • If your policy was loaded for a hazardous activity that you no longer do

If you haven’t thought about your life insurance for a while and want to find out how much money you could save, contact us for a no-obligation quotation.

Posted in Insurance, Life Assurance