Virtually everyone in the life insurance industry is working hard to implement the EU Gender Directive, the Europe-wide ruling that will make it illegal to charge men and women different premiums for life insurance.
So much so, that Legal & General’s protection specialist Clare Harrop has claimed that it has ‘taken over everything’. Trying to manage the logistics of such a big shift alongside other adjustments and tax changes in the insurance market is quite a difficult task, with various insurers trying out different tactics.
Roger Edwards of Bright Grey and Holly Thomas of the Daily Express discuss the Gender Directive
Harrop added that the I-E tax changes will mean higher taxes for insurers and in turn, higher premiums for their customers. Add to this the extra costs foreseen from the Gender Directive and you could see the cost of a policy go up quite a lot the longer you leave it.
Harrop said:
“We are also trying to highlight to advisers that 21 December is the cut off for applications on existing premiums, and let them know where the biggest impacts on premiums will be. It is a very difficult one.”
Are you a woman considering life insurance? If so then we would suggest that you start looking now as you might find yourself better off than if you wait.
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