Take it out now

[redken1]

If you are thinking of taking out life cover may be worth considering doing it now.

In 100 days, the world of insurance will change significantly due to new gender equality legislation from the European Court of Justice (ECJ).

On 21st December, new rules will come into play which prohibit insurers from taking gender into account when pricing up an insurance quote. And this will make a big difference.

[Snowy]

If you are thinking of taking out life cover may be worth considering doing it now.

In 100 days, the world of insurance will change significantly due to new gender equality legislation from the European Court of Justice (ECJ).

On 21st December, new rules will come into play which prohibit insurers from taking gender into account when pricing up an insurance quote. And this will make a big difference.

Theoretically this should mean lower premiums for males and higher for females in regard to car insurance. In reality I think no one will see a reduction at all, everyone's will just go up. I am against this change as it goes against the whole principle of risk recognition in relation to insurance. Females have a lower risk so why shouldn't they benefit from that? They always have done, soon they won't.

[Beamer]

I wonder about the risk factor here.....I know what you're saying Snowy but to be honest it's life insurance........we're all gonna die at some point male or female lol lol ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D

I would rather save my money under my mattress.....Paying life insurance premiums for an unfixed amount of years for a lump sum at the end (not guaranteed sum I might add)....I had a Sun Life thing that came out in 15 years or a lump sum if I died in that time.....I didnt and didnt get back the all money i'd paid in !!! :-/ :-/
An ISA or savings account or anything but life insurance. Maybe Im being daft but hey ho...the way i see it all Id be doing is lining the insurance coffers.

[Lou]

Invest in property is the way forward I believe, I know it will be a lot of hassle selling when I am gone, but well worth it

[Snowy]

I wonder about the risk factor here.....I know what you're saying Snowy but to be honest it's life insurance........we're all gonna die at some point male or female lol lol ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D

I would rather save my money under my mattress.....Paying life insurance premiums for an unfixed amount of years for a lump sum at the end (not guaranteed sum I might add)....I had a Sun Life thing that came out in 15 years or a lump sum if I died in that time.....I didnt and didnt get back the all money i'd paid in !!! :-/ :-/
An ISA or savings account or anything but life insurance. Maybe Im being daft but hey ho...the way i see it all Id be doing is lining the insurance coffers.

I was on about car insurance..... ;D

[redken1]

I’m all in favour of the new legislation. Why should an 18 year old male who has just passed his test and starting of with a clean slate be penalised due to his gender. You are right though Graeme – the insurance companies will use the new law to make a killing.

I really hope that this new ruling gives some clout to women’s right to equal pay too. Big business has flaunted our sex equality laws for too long.

[Snowy]

I’m all in favour of the new legislation. Why should an 18 year old male who has just passed his test and starting of with a clean slate be penalised due to his gender. You are right though Graeme – the insurance companies will use the new law to make a killing.

I really hope that this new ruling gives some clout to women’s right to equal pay too. Big business has flaunted our sex equality laws for too long.

The problem is though Ken is the whole insurance system is based on risk. Female drivers have a lower risk factor but that won't be taken into account anymore. So, yes, the lads will pay less, but the lassies will pay more than previously and that is based on gender rather than risk. Would you be happy to pay more for your insurance because someone decides you can't be ageist anymore when it comes to your bike insurance even though you are a lower risk than and 18 year old?

[Beamer]

[quote author=Tina link=1347550718/2#2 date=1347558313]I wonder about the risk factor here.....I know what you're saying Snowy but to be honest it's life insurance........we're all gonna die at some point male or female lol lol ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D

I would rather save my money under my mattress.....Paying life insurance premiums for an unfixed amount of years for a lump sum at the end (not guaranteed sum I might add)....I had a Sun Life thing that came out in 15 years or a lump sum if I died in that time.....I didnt and didnt get back the all money i'd paid in !!! :-/ :-/
An ISA or savings account or anything but life insurance. Maybe Im being daft but hey ho...the way i see it all Id be doing is lining the insurance coffers.

I was on about car insurance..... ;D[/quote]




Oooopppsss my bad lol :-X

[Ducatista]

I know what you're saying Snowy but to be honest it's life insurance........we're all gonna die at some point male or female

Life insurance is usually for a specific term Tina e.g. you might buy a 25 year policy to match your mortgage.
For any set age there are different risks for male/female generally the male being higher risk (all other things being equal).

You can buy "whole of life" policies and as you say the chance of claiming is 100% for everyone. These are less common though as most people want to cover a specific term.

It's a good point from Ken though as quotes are often valid for 30 days so it can be worth getting them in advance.

I don't agree with the change but I think women will benefit overall as pension costs for women are higher and that cost is much more than your car or life insurance.

[cerruti]

Hehe, why are women lower risk?

Is that cos we don't sit on our brains? ;D ;D ;D