After a decade of protection prices dropping, we’re facing an increase in life cover prices for women based on a change in legislation. As this new legislation does not come into force until the 21st December this year, we have a chance to highlight the window of opportunity that exists for women between now and then.
Because statistically women live longer than men, they paid less for life insurance. The new directive means that that rates for women will increase. We don’t know for sure how big the increase will be until after the 21st December, however the Treasury is estimating that it could be up to 15%.
The bigger picture is alarming.
Women are under insured. The statistics speak for themselves:
59% of women asked didn’t have life insurance
82% of women asked didn’t have critical illness cover
49% of women asked said protection insurance was an expense that ‘I can’t afford’
50% of women who claimed for a critical illness were 40 years or younger
92% of single parents are women
40% of the women asked were the main earner in their family
51% of stay at home mums have no life insurance
33% of cancer claims are for breast cancer
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With a looming deadline, now really is the time to review your needs and speak to one of our advisers. We will ensure that you get the best possible advice with protection that is truly what you need – and not just the cheapest.
Sources:
– National statistics online March 2012
– HM Treasury, December 2011
– Opinium, research for Bright Grey, January 2011
– Axa life, May 2010
– Bright Grey claims statistics 1 July – 31st December 2011
– Legal and General, March 2011
