Income Protection Insurance - Better Prices for females
Article published on 19th February 2013
So we are now in a Post Gender world. Of course this probably makes a lot more sense to anybody who was aware of the EU Gender directive that came into force on December 21st 2012, meaning that most UK insurance companies would have to offer the same prices for men and women alike. This caused a massive panic for insurance companies and brokers as this would mean overall price increases across the industry.
Before the wittily named G-Day, insurance premiums could vary largely between males and females such as:
- Car Insurance being cheaper for females than males
- Life Insurance being cheaper for females than males
- Income Protection Insurance being cheaper for males than females
The Gender Directive has now made insurance companies offer the same premiums regardless of gender.
Many people have discussed the fact that Life Cover has gone up for females and not gone down for males, but rarely are people talking about Income Protection Cover. Income Protection Cover is an extremely comprehensive policy that will pay out a monthly income if the life assured is unable to work due to ill health or disability. Whilst the post gender reprice has meant most insurance premiums have gone up, with Income Protection Insurance the premiums have come down significantly for female lives. Females used to pay almost 50% more than males for Income Protection.
Here at Top Quote UK Financial Services, we are seeing a reduction of about 20% on the monthly premiums for female lives on Income Protection. This is a huge opportunity for females wishing to protect their income in case of ill health as policies are now much more affordable.
So our advice to any females with Income Protection is to review it, but do not cancel your old Income Protection Cover until the new is in place, and always check with a qualified advisor first to make sure you get like for like or better cover. If you do not have Income Protection Insurance it really is an undervalued policy and is one of the best protection policies available.
As always you are welcome to request a free online quotation from one of our comprehensive websites or call us on freephone 0808 17 82 777. To get an online Income Protection Quote please click here.
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