Update on personal insurance advice

Gender and Insurance
On 21 December 2012 the distinction between men and women will officially disappear as far as insurance companies are concerned, whatever the type of insurance. This is the result of a European Court of Justice decision in March of last year and will affect all new policies.

If you are a man about to retire…
You can expect annuity rates to drop on 21 December, all other things being equal. Women live longer than men and ‘unisex’ annuity rates will therefore be somewhere between the male and female rates. It is likely some companies will make the change before 21 December, so if you are planning to spend your pension pot on an annuity, you need to act fast. It could even pay you to bring forward your retirement date a few weeks.

If you are a woman needing life assurance…
Because women live longer, their life assurance premiums are currently less than those of men of the same age. Unisex life assurance rates are therefore likely to be higher for women than current rates. Once again the message is that procrastination could be expensive.

If these changes could affect you, call us today.
We are watching developments in this area closely. Understandably, insurance companies are being coy about exactly how much they will be changing their rates.

If you have any questions about financial planning and personal insurance advice, please call us on 020 3865 2379.


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